US private equity Group Oaktree and UK investor Chenavari are believed to be close to inking the acquisition of a Spanish non-performing loan portfolio with a face value of €1.3 bn from state-owned lender Bankia.
US private equity Group Oaktree and UK investor Chenavari are believed to be close to inking the acquisition of a Spanish non-performing loan portfolio with a face value of €1.3 bn from state-owned lender Bankia.
The package, known as Proyect Wind, is expected to change hands later this month for a price tag f €250 mln, or a discount of roughly 80% to face value, according to Spanish paper Expansion.
It includes the €918 mln Mast portfolio, consisting of secured loans to private people, a portfolio of mortgage loans known as Board, nominally-valued at €178 mln, and the Find package of unsecured assets with a value of €216 mln.
While the Mast assets are being divided between Oaktree and Chenavari, the Board loans are being taken over by Oaktree. Chenavari is taking over the Find assets.
The transaction follows Bankia's sale last month of the Project Castle portfolio of loans backed by hotel properties to Bank of America.
The Spanish lender is also understood to be looking for a buyer for the Big Bang portfolio of residential and commercial assets as well as development land. The package is said to be worth a massive €4.8 bn.
