JP Morgan has acquired a EUR 375 mln tranche of a credit facility granted to Metrovacesa by German lender Deutsche Pfandbriefbank, well-informed market sources have told PropertyEU. The loan was reportedly divested at a discount of 40-50%.
JP Morgan has acquired a EUR 375 mln tranche of a credit facility granted to Metrovacesa by German lender Deutsche Pfandbriefbank, well-informed market sources have told PropertyEU. The loan was reportedly divested at a discount of 40-50%.
The sale, which was first reported by Europroperty this week, is part of Deutsche Pfandbriefbank's strategy to reduce its credit portfolio.
The loan is part of a EUR 3.2 bn syndicated facility with more than 30 banks, including Barclays, Banco Santander, BBVA and the Royal Bank of Scotland. Metrovacesa has been trying for months to refinance its debt burden totalling EUR 6 bn .
'We are starting to see some movements in Metrovacesa's debt, and it might be just the beginning,' one source who asked to remain anonymous said.
Late last year, Colony Capital and Orion Capital Managers announced that funds managed by them had acquired Goldman Sachs' portion of the approximately EUR 4.2 bn syndicated loan in Spanish developer Inmobiliaria Colonial.