Deutsche Bank once again turns its eyes towards the loan portfolio offered by Sareb. To be precise, the German entity tied itself up with a new bad bank´s portfolio named “Walls”.
(…) Walls is a portfolio constisting of five loans of different companies. In total it is worth about 100 million Euros. “The transaction makes a part of a greater project known as “Indigo” within which Sareb designs mid-size loan portfolios and releases them on the market” – explains the press.
The assets of the Walls portfolio are guaranteed with office buildings and hotels situated in the primary zones of Madrid, Barcelona and Valencia. (…).
The transaction has been assisted by Broseta legal advisory office on the part of Sareb and by Dentons on the part of Deutsche Bank that conducted the operation together with Magic Real Estate.
In November Deutsche Bank closed another large credit portfolio purchase from Sareb for 323 millon Euros. In that case, the acquisition embraced two diferent lots, one corresponding to Metrovacesa real estate company (2 loans worth 90 million Euros) and the other to Abacus (30 all loans worth 233 million Euros). The transaction was known as the Bermuda Project.
Source: Cinco Días