Transaction / Assets Seller Buyer € MM
Deutsche Bank acquires Abacus, the debt in trade premises from Sareb.
Sareb has awarded the portfolio Abacus to Deutsche Bank. This portfolio includes thirty loans with a nominal value of 233 million Euros. It is a portfolio made of credits and loans guaranteed with trade premises. More than half of the properties linked to Abacus are located in prime areas in Madrid and Catalonia. The other commercial assets are scattered around Valencia and Andalusia.
The managing director of Financial Assets at Sareb, Luis Moreno, has stressed the great interest awoken by this portfolio, considered “unique” due to the type of collaterals involved, with more than a hundred investors interested.
The best offer has been the one presented by Deutsche Bank, who has acquired this portfolio of loans for its credit balance, convinced that the situation of the market in Spain is an opportunity to bet on the economic recovery.
The law firm Garrigues has participated in this operation as a legal adviser for Sareb, HSBC as a financial adviser and Irea as a strategic adviser. Deutsche Bank, who has carried out the operation in cooperation with Magic Real Estate, has been advised legally by Dentons. Sareb has also sold two loans to Deutsche Bank with a nominal value of 90 million Euros, within the process Bermuda, with the aim of reducing totally or partially its exposure to the main listed real estate companies. (…)
Source: El Confidencial