Oaktree secures FMS' Project Gaudi for 35% discount - report

US private equity firm Oaktree Capital Management has reportedly closed the purchase of a smaller Project Gaudi non-performing loan portfolio from German bad bank FMS Wertmanagement for around €410 mln, according to a report by website Costar.

The purchase price reflects a discount of 35%.

Immediately after the purchase, the US investor is said to have sold back the Megapark Barakaldo shopping centre in Bilbao to Spanish property Group Grupo Lar for just over €150 mln.

Megapark Barakaldo was previously owned by Resolution Property who acquired the retail centre for over €200 mln in January 2006 from Arcona Iberia and its joint venture partners.

According to Costar, FMS Wertmanagement has removed two loans valued at €100 mln from the original €735 mln package; a loan securing the circa 333,700 sq ft Plaza Éboli shopping centre in Pinto (which traded earlier this week for €30 mln); and a €125 mln facility provided in July 2007 to Bluespace, formerly known as Blue Self Storage, to fund the acquisition of 17 self-storage properties – across Barcelona, Madrid and Valencia. FMS Wertmanagement has retained this non-performing loan.

FMS confirmed in February that it was launching the sale of Project Gaudì, its first European CRE loan portfolio.

The Project Gaudi package comprised 18 loans secured by 15 assets including the €400 mln Hotel Arts in Barcelona, a five-star hotel in Cascais, five shopping centres, four business parks in Madrid and Barcelona, a portfolio of 17 self-storage assets; and a number of residential and industrial development sites.

The portfolio previously belonged to Hypo Real Estate – now known as pbb Deutsche Pfandbriefbank – and was transferred to FMS Wertmanagement in 2010 together with some €27 bn of Hypo Real Estate assets, following the lender’s collapse in 2009.