Sareb Sheds Portfolios Worth Over €1 Bn In December

12/01/2015 – Cinco Dias

Sareb, Spain’s bad bank, took a good advantage of every day of the rest of 2014 and sealed some significant deals amounting to more than €1 billion.

According to a statement released by Sareb Friday, on December 31st it signed a transfer agreement on 39 non-performing, secured loans, known as portfolio ‘Aneto‘. Their par value was of €237 million and they were acquired by international investment tycoon Blackstone. KPMG and Ashurst advised on the transaction.

The portfolio is secured with 29 residential housing developments and plots situated mainly in the Valencian Community, Madrid and Galicia regions.

In parallel, the company chaired by Belen Romana (pictured) agreed to sell an office building housing Gallina Blanca in Plaza Europa Square, Barcelona, to Colonial.

The property of 4.869 square meters of office space and 68 parking spaces was acquired for a total of €10.4 million, in assistance of Aguirre Newman and Anticipa.

“The sales prove the bad bank is a dynamically operating business and its assets are popular in the market”, Sareb’s CEO Jaime Echegoyen pointed out.

“The deals reassure that the entity successfully fulfills the role given to it”, he added.

Sareb has said good-bye to the year 2014 by sealing several loan and property portfolios valued at over €1 billion. The deals include Project Agatha (a loan and real estate portfolio worth €259 million), Meridian (a €133 million loan package), Olivia (loans valued at €140 million) and Kaplan (loans to small and medium-sized developers of a par value of €234 million).

In the last weeks of 2014, Sareb has sold four office buildings included in the Banking Asset Fund ‘Corona’ for €81 million, it declared in a statement.


Original story: Cinco Días (by J. P. C.)

Translation: AURA REE