The bad bank is about to auction nearly 80 lots of land assets whose nominal value is around 350 million Euros, as confirmed by sources close to the operation. This would be the biggest sale carried out by Sareb until now. The operation, according to the sources “is about to happen (…) probably in the next few days”. The bad bank has declined making any statement.
According to Reuters, the sale of these lots has been named “Operation Crossover” and it includes building land in Madrid, Catalonia, Galicia and Valencia.
The bad bank put a new portfolio in the market in September, called Abacus and closed the operation Corona, with the sale of seven office buildings located in Madrid. Abacus includes a package of 30 real estate loans whose value exceeds 350 million Euros.
Unlike other sales of credits, in this case the portfolio includes “collaterals”, that is, linked real estate assets. These properties have a tertiary use (offices, trade premises, parking spaces) and come from the default portfolio of Bankia and NovaCaixa Galicia.
The operation could be closed in just two months as the assets linked to the loans are of very high quality. Among those interested there are most international funds such as Cerberus, Fortress, Apollo, HIG and Blackstone. However, the final price of the package could reach 340 million Euros, according to sources aware of the process.