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Centerbridge acquires the mortgages of UBS.

Foreign banks do not want to miss the growing interest of funds in Spain. The Swiss institution UBS has closed recently the sale of a great mortgage portfolio to the US firm Centerbridge, one of the most active ones in our market. The portfolio includes all mortgages UBS had in Spain. The Swiss bank works in private and investment banking in Spain, But had acquired this portfolio just before the crisis started, between 2006 and 2007.

The volume of this mortgage package was between 400 and 500 million Euros before the crisis. Since then, its value has been reduced mainly by the real estate bubble. These mortgages were originally granted by Banesto. The US fund acquired at the end of last year the platform Aktua, a subsidiary of Santander, nowadays integrated in the mother company.

This acquisition is a new step for Centerbridge to grow in the Spanish real estate market. The fund, managed in Spain by Enrique Dancausa, a former executive of Banesto is taking part in all the disinvestments carried out by the Spanish institutions. (…)