The sales project consisted of 38 wholly finished housing developments (mostly located in Andalusia and Valencia), and at least one project more that had not been completed yet. Altogether they embraced 939 houses, 750 garages and storage rooms and a trade premise. Sareb hoped to gain at least €200 million of the sale that was aimed at different international funds, like Ceterbridge, Colony, Cerberus or Apollo. In fact, the four funds have reached the final bidding for the portfolio.


This is the first allocation of the real estate asset lot of SAREB on the wholesome market. Portfolio acquired had around a thousand (939 assets distributed over new residential housing developments and trade premises) of assets and was sold to HIG. The assets are basically located in Andalusia, Valencia, Madrid and on the Canary Islands (90% of the portfolio´s content).

The transaction, assisted by advisors like KPMG, Baker & McKenzie, Ashurts and Monthisa, was closed at the beginning of the month in favor of H.I.G. Capital, that outbid other competitors with the bid presented by its affiliate Bayside Capital of €100 million.

The transaction was based on the Fund for Banking Restructuring (Fondo de Activos Bancarios, FAB in Spanish) –the first established in Spain – that served as a joint venture between SAREB (49%) and the buyer (51%).

Related post on Aura´s webpage: http://auraree.com/real-estate-news/sareb-awards-real-estate-assets-valued-100-million-euros-venture-capital-fund-hig/

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