Fortress: Key in Realia´s Sale

1/02/2014 – Expansion

Six international funds and a Spanish real estate: Blackstone, Axa, Orion, Anchorage, Oaktree, AEW and Pontegadea issued a non-bidding offer to acquire 66% of Realia´s capital, belonging to Bankia and FCC. (…).

The investors also started negotiations with Fortress, the principal creditor of the real estate firm since November, when it bought 437 million debt with a 35% discount from Sareb. (…) As so, it is also the key in future viability of Realia, having over a 2 million Euro debt.

By now, Fortress has got no favourite. On the other part, the funds expressed willingess to negotiate the payment forms, like a debt-to-assets swap or sale of some of the property from Realia´s real estate portfolio. (…) The finalists for bidding will have been chosen by the end of February. (…)

Original article: Expansión 

Translation: AURA REE

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