24 June 2019 – Merc2
Sabadell came nearer to its goal of selling its land bank as Oaktree firmed up its position as the most likely buyer. The sales process has so far taken more than six months, but the transaction could bring in approximately 850 million euros to the Spanish bank’s coffers.
Both Oaktree, which has had a history of cooperation with Sabadell, and Cerberus, are still in the race for the assets. Regardless of which of the two comes out in front, Spain would have a new actor on the market, capable of taking on the four biggest developers: Neinor, Vía Célere, Metrovacesa and Aedas.
The sale would also be a significant success for Sabadell, as it continues to offload NPLs and REOs at a rapid pace, and at relatively attractive valuations.
Original Story: Merc2 – Carlos Lospitao
Translation/Summary – Richard D. Turner