293
293
  • Transaction / Assets
    Sabadell Desarrollos Inmobiliarios
  • Seller
    Banco Sabadell
  • Buyer
    Oaktree
  • € MM
    857

Sabadell Opts to Sell Subsidiary to Oaktree

1 July 2019

Banco Sabadell, a Catalan bank, has opted to sell its developer, Sabadell Desarrollos Inmobiliarios, to the U.S.-fund Oaktree in a transaction reportedly worth 850 million euros. The asset management firm beat out its main rival for the asset, a partnership made up of Cerberus and Kronos.

Sabadell and Oaktree will now negotiate any additional particulars to the agreement. The sale would bring in a windfall for the Catalan bank, strengthening its capital ratio while reducing its risk-weighted assets (RWA).

Oaktree, in turn, will now compete with Neinor, Metrovacesa, Aedas, Via Célere and others. The developer’s holdings include high-quality, developable lands to the north of Madrid and in Barcelona.  Two thirds of the land is ready to develop or already under construction.

Original Story: El Confidencial – Jorge Zuloaga

Adaptation/Translation: Richard D. K. Turner