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Sareb Transfers €250 Mn “Aneto” NPL Portfolio to Blackstone

9/01/2015 – Expansion

Blackstone has snapped up one of the last portfolios sold by the bad bank of Spain, Sareb. The U.S. investment tycoon has outbidded Goldman Sachs in the auction of “Project Aneto, composed of loans granted for housing developments and land worth nearly €250 million.

Conducted by KPMG, the bidding invoked huge interest among international funds. The sale included 39 non-performing loans of a face value of €237 million, backed by 29 property developments and land ready for construction. The assets are located mainly in the Valencian Community, Madrid and Galicia.

According to information provided to the investors, originally “Project Aneto” also comprised outstanding loans which finally were left out of the deal.

This way, Blackstone vies for defaulting loans which allow it to get the collateral properties in exchange for debt forgiveness agreed upon with developers.

The deal confirms strong bet of the U.S. fund on the Spanish property market. In 2013, Blackstone acquired a package of subsidized homes from the Community of Madrid, and last year it bought-out the servicer of Catalunya Banc, together with its soured mortgage loans, for €3.6 billion.


Original story: Expansión (by Jorge Zuloaga)

Translation: AURA REE