1 July 2019
Banco Sabadell, a Catalan bank, has opted to sell its developer, Sabadell Desarrollos Inmobiliarios, to the U.S.-fund Oaktree in a transaction reportedly worth 850 million euros. The asset management firm beat out its main rival for the asset, a partnership made up of Cerberus and Kronos.
Sabadell and Oaktree will now negotiate any additional particulars to the agreement. The sale would bring in a windfall for the Catalan bank, strengthening its capital ratio while reducing its risk-weighted assets (RWA).
Oaktree, in turn, will now compete with Neinor, Metrovacesa, Aedas, Via Célere and others. The developer’s holdings include high-quality, developable lands to the north of Madrid and in Barcelona. Two thirds of the land is ready to develop or already under construction.
Original Story: El Confidencial – Jorge Zuloaga
Adaptation/Translation: Richard D. K. Turner