According to Spanish Real Estate, these are two of the largest operations regarding the sale of Bank’ property portfolio to be closed since the beginning of the year, and which will have a significant impact in the accounts of the Q2.
For BBVA, the project Jaipur refers to the biggest sales transaction performed until now. It includes the debt related to real estate development projects in the amount of €600M, including assets located mainly in Madrid, Catalonia and coastal area. The transaction also represents the return to the spotlight of the opportunistic fund Cerberus, through its local platform Haya Real Estate, after 2 years without buying in Spain.
On the other hand, the project Tramuntana was bought to CaixaBank by Deutsche Bank, consisting of debt linked to development projects in the coast of Spain. The amount is ca. €600M, and was acquired by €200M.