Chenavari places €700M portfolio on the market to leave Spain

Chenavari places €700M portfolio on the market to leave Spain

Despite being announced only now, the decision to leave the country had been taken before the settling of the coronavirus crisis. As advanced by the newspaper El Confidencial this Tuesday, the so-called Projeto Wave & Zenith sales operation should be carried out by Alantra.

This British fund is specialised in acquiring real estate credits, alternative financing and in purchasing high-risk bank debt and it has been operating in Spain since 2014, where it took part in the purchase of Bankia’s assets as part of Project Wind and spent 335 million euro together with Oaktree and one other real estate developer.

The fund was created 12 years ago in London by ex-partners BNP Paribas, Société Générelae and Bear Stearns. It currently has 500 million euro in assets under management.

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