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Centerbridge Buys BMN´s Real Estate Firm For €50 Million

2/04/2014 – Expansion

The U.S. private equity fund Centerbridge concluded acquisition of a real estate company of BMN, chaired by Carlos Egea.

Two other operations are currently ongoing in the market: the sales of property managers of Cajamar and Catalunya Banc.

None of the agreements assume asset transfer, as the property will remain in the balance sheets of the entities. The price of BMN´s manager reaches €50 million.

Centerbridge broke into Spanish market with purchase of Aktua, real estate branch of Banesto, for €100 million.

BMN manages assets valued at around €7 billion, out of which €5 billion have been transferred to Sareb. Therefore, 80% of the future business will depend on renovation of the managment contract by the bad bank.

BMN, advised by PwC, has received non-binding offers from large international funds. The winner was Centerbridge, assisted by Montalbán Atlas Capital.

 

 

Original article: Expansión (Jorge Zuloaga)

Translation: AURA REE

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