23 December 2016 – Debtwire
Sareb has selected Goldman Sachs as the winner for non-performing loan portfolio Project Eloise, in what is the largest transaction so far for the Spanish bad bank, said a person familiar with the situation.
The final gross book value of the portfolio is EUR 600m, the person said. Launched in the fall/autumn, initially the portfolio had a gross book value of over EUR 1bn, as first reported by this newswire. The size changed during the binding process.
Blackstone was the other bidder selected for the binding phase of the process.
The bad loans of the portfolio are backed by residential assets located across Spain. Sareb has been advised by Evercore.
The deal is still pending subject to signing of the contract, but the goal remains to close by year end, the person familiar with the deal said.
The transaction marks a turning point for Sareb, which had focused on sales of small portfolio until now; in 2015, it closed transactions for approximately EUR 520m.
When it was established, Sareb received EUR 50.8bn in assets to dispose off within 15 years. By December 2015, the portfolio had been reduced to EUR 42.9bn, according to its latest report.
Original story: Debtwire
Edited by: Carmel Drake