Spanish bad bank Sareb has announced the sale of a portfolio of loans known as Inés and with a nominal value of €375 mln to Deutsche Bank.
It is the largest such sale to an institutional investor in 2017, Sareb said, without disclosing the financial details of the transaction.
The loans are secured by assets in the Madrid, Catalunya, Andalusia, and Aragón regions of Spain. The properties are largely residential units but they also include a few offices and commercial units.
'This transaction is in line with Sareb's disposal strategy and shows investors' ongoing trust in the Spanish market,' commented managing director at Sareb.
Sareb was advised by law firm Garrigues and Irea.
