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Sareb Puts Up For Sale Subsidized Homes & Loans
18/09/2014 – Expansion
Spanish bad bank announced a new sale, this time of subsidized real estate-backed loans and assets included in Project Agatha. International investors rub their hands.
The project consists of two subportfolios: one consisting of performing loans related to subsidized housing valued at €200 million and another one composed of 800 state-protected dwellings.
The operation is not the first of this sort carried out by Sareb. At the beginning of the year, in the framework of Project Dorian initiated by Madrid‘s authorities, the bad bank sold 600 subsidized apartments to Blackstone for €43 million.
Later on, the U.S. fund acquired 1.800 dwellings of this type for the total amount of €128 million from the City Hall of Madrid. This deed has aroused a lot of controversy.
Other Portfolios
Apart from the Agatha, Sareb has run another large operation – Project Kaplan, including hundreds of small and medium loans amounting to €1 billion. Their collateral property is mostly located in Madrid, Catalonia and Andalusia. This sales process is at the brink of closing.
The bad bank sealed one deal more in August, namely it transferred the Pamela loan portfolio for €200 million.
Original article: Expansión (by Jorge Zuloaga)
Translation: AURA REE