9 July 2019 – Richard D. K. Turner
CaixaBank is nearing completion of the sale of its Niseko Project to two U.S. investment groups, D. E. Shaw and Farallon Capital Management. The total portfolio of non-performing loans have collateral guarantees and a face value of approximately 670 million euros.
Niseko Project is divided into two sub-portfolios, Hokkaido and Sapporo. Hokkaido, which consists of eight large loans, all with guarantees, is set to go to D. E. Shaw. The sub-portfolio has an estimated market value of about 200 million euros (€400 million face value). The second portfolio will go to Farallon Capital Management and comprises 100 smaller loans.
At the same time, the Catalan bank is putting a new portfolio, the Chamonik Project, worth another 500 million euros, up for sale.
Original Story: El Confidencial – Jorge Zuloaga