Tilden Park Acquires 2,500 Homes from Coral Homes

4 January 2020 The fund Tilden Park has paid between 100 and 150 million euros to acquire 2,500 flats from Coral Homes, a company owned by Lone Star (80%) and CaixaBank (20%). Tilden was founded by Josh Birnbaum, a former director at Goldman Sachs who became famous for his bets against the US sub-prime mortgage market, as depicted in the film “The Big Short.” The homes were part of the Kingfisher Project.

The fund made its first investment on the Iberian Peninsula in November when it acquired 1,800 toxic loans and 180 REOs from BPI, a subsidiary of CaixaBank in Portugal.

El fondo Tilden Park ha adquirido 2.500 pisos a Coral Homes, una compañía propiedad de Lone Star (80%) y CaixaBank (20%), por entre 100 y 150 millones de euros. Tilden fue fundado por Josh Birnbaum, un exdirector de Goldman Sachs que se hizo famoso por sus apuestas contra el mercado hipotecario de alto riesgo en los Estados Unidos, como se muestra en la película “The Big Short”. Las casas eran parte del Proyecto Kingfisher.

El fondo realizó su primera inversión en la Península Ibérica en noviembre cuando adquirió 1.800 préstamos tóxicos y 180 REO de BPI, una filial de CaixaBank en Portugal.

Original Story: El Confidencial – J. Zuloaga

Translation/Summary: Richard D. Turner

Cerberus and Tilden Park Each Look to Acquire Lezama Portfolio

4 December 2019 – Cerberus and Tilden Park are vying to acquire Kutxabank’s last large portfolio of bad debts. The two investment funds are looking to buy €400-million portfolio of non-performing loans, called Lezama. Kutxabank’s sale would put its NPL-ratio at less than 2.5%.

The acquisition would be Tilden Park’s first in the Spanish market. Josh Birnbau, a former executive at Goldman Sachs, founded the firm after he became famous for taking a large bet against sub-prime mortgages, one that earned his former company €2.277 billion.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner