02 BERMUDAS PROJECT (JULY 2013)
The Bermudas Project consists of asset lot proceeding from listed real estate companies of nominal value of €1.200 million.
The package gluts a part of the loans granted by nationalized or assisting institutions to the following real estate firms: Metrovacesa, Colonial and Realia. The financial assets make two-thirds of SAREB´s ballast.
SALE (MAY 2013)
In May SAREB sold a credit of Metrovacesa for nominal value of €35 million. The operation has been carried out on the secondary market and obtained six bids.
COLONIAL OPERATION (AUGUST 2013)
SAREB has awarded the fund Burlington Loan Management Limited with a lot of syndicated loans of Grupo Colonial of a nominal value equal to €245 million. The purchaser was hedge fund Davidson Kempner Capital.
The transaction described above was assisted by Cuatrecasas and Gonçalves Pereira on the side of Sareb and Ashurst on the side of the Irish firm Burlington Loan Management Limited.
SALE TO DEUTSCHE BANK (NOVEMBER 2013)
Deutsche Bank bought two loans for €90 million. They are the loans of two principal listed real estate companies that bailed-out banks and savings banks transferred to the bad bank. At the transaction, Sareb has been advised by Garrigues in the legal, HSBC in the financial and Irea in the strategic field. Deutsche Bank has been assisted by Magic Real Estate and Dentons in legal area.
ELORA OPERATION (NOVEMBER 2013)
“Bermudas” operation consisted of the loans that SAREB maintained with listed companies. Thus, the bad bank added to the sales its holding in the syndicated loan granted to Realia Business by several entities, oscillating around €437 million. By now, this transaction denominated as Elora, is the largest divestment conducted by the company.
FADO OPERATION (NOVEMBER 2013)
The second divestment operation carried out in the last days of November, called Fado, was the sale of two loans that it had with Metrovacesa, altogether worth €80.5 million.
Related post on Aura´s webpage: http://auraree.com/real-estate-news/spain-sale/