Five Big-Name Bidder Teams Explore Catalunya Banc´s €6.5 Bn Loan Portfolio

10/06/2014 – Expansion

At first, twelve groups of foreign investors showed their interest in buying the “Hercules“. Out of these, five were picked for the next stage of the bidding: Oaktree, George Soros, Lone Star, Cerberus – Goldman Sachs and Blackstone – TPG.

The aforementioned funds have been the most generous offering between €3 and 3.5 billion for the loan package and now they will be allowed to study in depth data about each asset inside the €6.5 billion portfolio.

In the first sieve, the nationalized bank excluded several funds with their own real estate servicer to deal with soured assets and which now would be inclined to join better ranked investors.

This way, Oaktree teamed up with the consortium of Pimco-Marathon-Deutsche Bank and Finsolutia, while multimillionaire Soros allied with Värde Partners that acquired Aliseda, property manager of Banco Popular.

Moreover, Lone Star and Apollo-Centerbridge came to an agreement, raising even more the interest evoked around the CatalunyaBanc´s mortgage auction.

The five finalists will soon receive terms and conditions for the final offers.

 

Original article: Expansión (after Efe)

Translation: AURA REE

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