22/09/2014 – Expansion
The world‘s four biggest funds strive for assets included in a real estate fund of Bankia, formerly Madrid Patrimonio Inmobiliario, which manages property worth €300 million. Cerberus, Blackstone, Starwood and a Goldman Sachs‘s fund take part in a bidding known as Project Lake.
Most of the properties at stake are offices and retails situated in Madrid and in Barcelona.
Among the finalists, Cerberus is said to be the favorite. Last year, the U.S. fund acquired Bankia Habitat – and re-named it Haya Real Estate – and therefore it has some knowledge about the assets on sale.
Although the last candidate, Starwood, is one of the leading real estate funds in the world, it has not sealed large deals in Spain.
Bankia expects to cut in delinquent loans by €3 billion in 2014, according to Efe, instead of originally planned €2 billion.
Original article: Expansión (by J. Zuloaga)
Translation: AURA REE