23 April 2018 – Bolsa Mania
The large opportunistic funds are setting their sights on Banco Sabadell to close one of the major operations in Europe of 2018. The sounding out process initiated by the Catalan entity to transfer around €7.5 billion in real estate assets, as published by this newspaper, is generating a lot of interest amongst the large international funds, according to Vozpópuli.
At least three of them are examining the portfolio carefully: Cerberus, Blackstone and Lone Star, according to financial sources consulted by Vozpópuli. The third is the only one that was left out of the major operations signed in 2017 involving: Popular’s real estate – Project Quasar – which Blackstone purchased; and BBVA’s property – Project Marina, which Cerberus acquired, and which is pending final approval. For the time being, the other ‘usual suspect’ Apollo is not involved in the latest operation.
The same sources add that the funds have suggested that Solvia should be included in the sale. That would achieve several objectives: it would retain the managers that know the assets and add volume to their real estate platforms in a sector that is in the midst of consolidation. Cerberus owns Haya Real Estate, which is in the process of making its stock market debut; and Blackstone owns Anticipa and Aliseda. Meanwhile, Lone Star has experience in the sector as it was the inspiration behind Neinor.
Original story: Bolsa Mania
Translation: Carmel Drake