21 December 2018 – Europa Press
The Company for the Management of Assets proceeding from the Restructuring of the Banking System (Sareb) has closed the sale to an international consortium of a new portfolio of property developer loans, whose nominal value amounts to €247 million.
According to a statement issued by the bad bank, the portfolio, called Adra, groups together loans secured by properties located primarily in Andalucía, the Balearic Islands, Cantabria and the Community of Valencia.
The process was launched in June and the transaction has been undertaken in compliance with the most stringent requirements in terms of transparency and fair competition, assured Sareb.
The sale of this portfolio has received financial advice from Colliers and legal advice from Herbert Smith Freehills (HSF).
Original story: Europa Press
Translation: Carmel Drake