According to Expansión, based on financial sources, Apollo may have reached an agreement with the bank in December last year to buy this portfolio, which will be composed by commercial assets. The operation should be concluded before the end of February.
The same sources report that Apollo sees in these assets an opportunity for investment, since they are linked to secondary markets which have not recovered their valuation, and will attract more companies which are unable to find locations at the cities’ core centres.
The acquisition of further buildings is in the background, in order to incorporate them in a specific vehicle to capitalize and sell them.
Apollo invests in Spain since 2011, and since then it has already invested more than 1.000 million euro in the Spanish real estate market.