US private equity Group Oaktree and UK investor Chenavari have inked the acquisition of a Spanish non-performing loan portfolio with a face value of €1.2 bn from state-owned lender Bankia.
US private equity Group Oaktree and UK investor Chenavari have inked the acquisition of a Spanish non-performing loan portfolio with a face value of €1.2 bn from state-owned lender Bankia.
The package, known as Project Wind, is believed to have changed hands for €250 mln, reflecting a discount of roughly 80% to the face value.
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 valued at €216 mln.
Bankia said the sale was brokered through a competitive process involving institutional investors and financial institutions, with Bankia taking financial advice from KPMG and legal advice from Baker & McKenzie.
The deal decreases the bank's non-performing loan book by €876 mln. Bankia has now sold over €4.7 bn of non-core non-performing assets over the past 18 months.
Chenavari Investment Managers received legal advice from Ashurst and financial advice and management services from Copernicus. Oaktree Capital Management received legal advice from Cuatrecasas and financial advice from Finsolutia and Hipoges.
