The financial entity Cajamar has announced the sale of 6,000 REO assets to Cerberus. These assets have a nominal value close to 500 million euros, although the transaction figures have not been disclosed. Cajamar, in a statement, ensures that the transaction is subject to the necessary corporate and regulatory approvals, and that it is expected to close by the end of 2021.
Within the REO there are residential assets, commercial premises, offices and land, located mainly in Andalusia, the Valencian Community, Catalonia, the Balearic Islands and the Region of Murcia.
The size of the sale makes it the largest non-performing asset transaction in the Spanish market since the start of the pandemic and the largest divestment completed by Cajamar to date.