Spanish bad bank Sareb has announced the sale of four commercial real estate-backed loan portfolios and one office package to a mix of private equity funds and institutional investors with a combined face value of €847 mln.
Spanish bad bank Sareb has announced the sale of four commercial real estate-backed loan portfolios and one office package to a mix of private equity funds and institutional investors with a combined face value of €847 mln.
In the largest of the deals completed so far, UK-based alternative lender Hayfin Capital Management has acquired one of two Agatha sub-portfolios comprising 38 performing loans with a par value of €194 mln and secured by 29 rented apartment blocks primarily located in Madrid.
In a separate transaction, Hayfin has also bought the Olivia portfolio of seven performing loans with a face value of €140 mln. The loans are securitised against residential and commercial assets in the Valencia region. Irea and law firm Hernández-Echevarría advised Sareb on the deal.
In addition, Sareb has sold the second Agatha sub-pool consisting of 10 housing developments in Madrid with a par value of €65 mln to D.E. Shaw. Irea and law firm Ashurst advised Sareb on the deal.
Separately, Cerberus Capital Management has won the €133 mln nominally-valued Project Meridian, which is secured by 26 hotel sector properties in Spain comprising more than 2,700 income-producing rooms.
The hotels are spread across six Spanish regions with the largest number of properties in the provinces of Valencia, Barcelona, Alicante, Almeria and Cadiz.
Irea acted as financial advisor and Cuatrecasas, Gonçalves Pereira acted as legal adviser on the sale of this portfolio.
In addition, a fund managed by Blackstone has won the Corona portfolio, comprising four office buildings in Madrid totalling more than 40,000 m2 of office space for more than €81 mln. The properties are all located in the northern area of Madrid and let with an average occupancy rate of more than 90%. Aguirre Newman and Clifford Chance acted as advisers to Sareb on the transaction.
Finally, Sareb also said that it is in the process of divesting the Kaplan package of performing and non-performing loans linked to small and medium-sized developers with a nominal value of €234 mln. A majority of the assets is backed by land and residential properties, the bank said.
'The diversity of the transactions that Sareb has completed are an indication of just how varied our portfolio is,' said Jaime Echegoyen, CEO of Sareb. 'The heightened levels of activity at the company in these final stages of the year are a demonstration of investor confidence in the Spanish market.'