A consortium of Moor Park Capital Partners and New York-based private equity firm Och Ziff is the sole remaining bidder for a EUR 450 mln portfolio being sold by the Catalan government in an effort to boost finances.
A consortium of Moor Park Capital Partners and New York-based private equity firm Och Ziff is the sole remaining bidder for a EUR 450 mln portfolio being sold by the Catalan government in an effort to boost finances.
According to Spanish press reports, the public authorities have granted a 30-day extension on the sale process with a view to finalising the negotiations with Moor Park and Och Ziff. All the other parties are understood to have withdrawn from the process due to a lack of financing or their interest in single assets of the portfolio.
The portfolio includes 26 office buildings, all in the centre of Barcelona, which will be sold and leased back by the Catalan government for a period of 27 years. Trophy assets include the Barcelona stock market on Paseo de Gracia as well as the Catalan Agriculture Ministry on Gran Via.
It is understood that the Catalan authorities are prepared to pay up to EUR 36 mln in annual rental fees, which brings the deal's maximum initial yield to 8%.
Aguirre Newman and law firm Deloitte have been mandated to sell one portfolio, valued at EUR 221 mln, while Jones Lang LaSalle and law firm Roca Junyent were picked for the remaining EUR 228 mln of assets.
Moor Park made a splash in Spain in April 2010 with the purchase of a portfolio leased to Bank Sabadell for EUR 403 mln.
