04 ABACUS OPERATION (SEPTEMBER 2013)
Portfolio of 30 real estate credits initially valued at €350 million with RE assets for tertiary use as collateral (offices, trade premises, shopping centers and parking spaces) proceeding from default credits of Bankia and NovaCaixa Galicia.
According to the sources with knowledge of the process, the assets tied to the loans are the first class type.
Among the potential purchasers there were nearly all the international funds interested in the Spanish “brick”, such as Cerberus, Fortress, Apollo, HIG and Blackstone.
Deutsche Bank acquired this 30 loans with nominal value of €233 million in November 2013. The 30 loans and credits with commercial assets as collateral are situated in the Community of Madrid, Catalonia, the Valencian Community and Andalusia.
SAREB was supported by Garrigues in the legal, by HSBC in the financial and by Irea in the strategic field, whereas Deutsche Bank used services of Magic Real Estate and Dentons in the legal area.
Related post on Aura´s webpage: http://auraree.com/real-estate-news/deutsche-bank-acquires-abacus-debt-trade-premises-sareb/