Sareb Auctions €220 Mn in Loans

24/06/2014 – Expansion

Sareb puts up for sale a new loan portfolio called “Pamela”. It targets large investors comprising of 25 property-backed credits valued jointly at €220 million.

Great majority of the subsidized properties for rent (95%) is situated in Madrid and they are mostly outstanding.

“Pamela” is the first lot created by the bad bank in 2014. Sareb has sold 17 plots included in the Crossover Operation to Castlelake recently. Year-to-date, the entity shed 130 wholesale portfolios.

Responsible for Investor Relations Marta Gomez assured the bad bank is forging three lots more to put up for an auction this year, including rented houses, hotels and loans.

The sale is expected to close at the end of July. It has called attention of big name residential investors like Blackstone, Azora, Patron Capital, Ivima or TPG.

 

Original article: Expansión (by Rocío Ruiz)

Translation: AURA REE

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