Cerberus and Oaktree have already announced their proposals to buy the real estate developer, which don’t go beyond 900 million euro, 10% less than what its owner, Sabadell Bank was expecting to sell it for.
The financial institution, which is expecting to close this operation before the end of the semester, takes into account that the agreed amount will not be enough to obtain the 150 million euro added value it was initially expecting.
The offers from these two companies represented half the offers currently on the table, but, according to Eje Prime, there were more initially. Bain Capital and Canada Pension Plan Investment Board (Cppib) presented an initial joint offer but decided not to present a new bid when faced with the offers from the competition.
Despite the fact that the capital for this operation is important for Sabadell to increase its quality ratio until 2020, the possibility of dragging negotiations until the end of the year is on the table.