30/04/2014 – El Confidencial
On May 5th, when Eurohypo finally seals the sale of its Spanish mortgage portfolio, María Reig (Reig Capital), Alicia Koplowitz (Omega Capital) and Carlos Cutillas (Inmobiliaria Chamartín) among others will get to know the new owner of their debt.
Since the branch of Commerzbank announced the sale of the €4.5 billion credit portfolio in January, many debtors started to suffer from insomnia. The threat that Apollo, Lone Star, Blackstone or Cerberus could acquire the lot and through the debt execution snap all their most valuable assets is the doom´s day scenario for them.
Cutillas and his Inmobiliaria Chamartin are in the worst situation as Eurohypo´s Octopus Project contains €450 million in his loans.
Apart from Inmobiliaria Chamartin, the portfolio contains credits granted to such real estate giants as Realia, Martinsa-Fadesa, Testa and Metrovacesa, hotels like AC Hoteles, Meliá, Tryp, Hotusa and Kempinski and stores groups like Hines, Eroski, Sonae and Rodamco.
Also, large private investors have a reason to fear. The most prominent in this case is Alicia Koplowitz who owes €100 million to Eurohypo through her manager Omega Capital. She used the financing given by the bank to buy the Rey Juan Carlos hotel and a building on the Castellana Street in Madrid and 50% of the Ritz hotels in Barcelona. Unfortunately for Koplowitz, the properties call great attention of investors exploring the Octopus Project assets.
In turn, businesswoman Maria Reig has got inside the portfolio a €120 million debt proceeding from acquisition of Mutua Madrileña with headquarters on the Almargo Street in Madrid.
Original article: El Confidencial (by Carlos Hernanz)
Translation: AURA REE