24 February 2016 – Expansión
A new operation has been signed between Banco Sabadell and Sareb. The entity led by Josep Oliu has acquired a portfolio containing thirteen loans, with a nominal value of €131 million from the bad bank. None of the loans are in arrears.
According to sources in the real estate sector familiar with the operation, the loans acquired by Sabadell were granted back in the day to the property developer Núñez i Navarro, by one of the (financial) entities that was later nationalised. Subsequently, the loans fell into the hands of Sareb. The real estate company, owned by the former President of Fútbol Club Barcelona, will make its loan repayments to Sabadell from now on and not to Sareb, which hereby makes progress in its process to divest its assets.
The thirteen loans are associated with 185 real estate collaterals in total, primarily commercial premises, offices, homes and land, located for the most part in the provinces of Barcelona and Tarragona. The amount paid by Sabadell to Sareb for this performing loan portfolio has not been disclosed, but the sources consulted say that the bank will obtain a return of 10% from the portfolio.
The offer submitted by Sabadell, through its specialist Real Estate Finance arm, won an auction in which ten investors participated, mainly investment funds specialising in the purchase of debt. The law firm Ashurst advised the Catalan bank, whilst Sareb was supported by the advisory firm Irea and the law firm Baker & McKenzie. Given that Sabadell forms part of Sareb’s Board of Directors, the bank’s offer was subject to “internal rules governing conflicts of interest”, said the bad bank yesterday. The FROB holds a 45% stake in Sareb and Spanish banks own the remaining 55%.
Sabadell, through Solvia, also manages assets on behalf of Sareb, with a gross value of €13,000 million. In November, Sareb also engaged Solvia to manage the construction of ten real estate developments.
Original story: Expansión (by S. Saborit)
Translation: Carmel Drake