Sareb Receives Offers for Protected Houses Portfolio

The bad bank (Sareb) during only 3 weeks has received offers for its 800 protected houses (VPO) for sale. Yesterday night the deadline that the company chaired by Belen Romana set at the Project Dorian auction has passed. At least two investors presented their firm offer, according to the information sources of Expansion.

Blackstone, the greatest fund of the capital risk in the world, was one of them. And the odds are that the other one is Goldman Sachs, even though among other investors interested in the auction were also TPG, Fortress and Lone Star.

The sources recognise the merit of Sareb of having received offers for the Project Dorian after it was left empty-handed at the last VPO auction in the Community of Madrid. The price turned out to be much lower than the bad bank had expected, around 50 million Euros, since the portfolio had worse quality than it had been expected. (…)

The Dorian Project consists of 822 protected houses, divided among 6 groups. They originate from the foreclosed assets conveyed by Bankia and Catalunya Banc. The buildings are located in the Community of Madrid, Guadalajara and Barcelona (…).

Blackstone, together with Magic Real Estate company and Goldman Sachs, together with Azora, are leading buyers in Spain.

Source: Expansión