Deutsche concludes purchase of Sareb’s €400M portfolio

Deutsche concludes purchase of Sareb’s €400M portfolio

Oaktree and Bank of America also participated in the bid of Project Inés, initially valued at €500 million and which final reach will be €400 million, but its offer is lower.

These three international investors are the finalists after have been left behind a dozen funds, that were interested in the operation. Among these last has been KKR.

The portfolio comprises unpaid loans secured by residential assets in Madrid, Cataluña, Andalucía and Zaragoza. The inclusion of assets in Cataluña, despite everything that is happening in the autonomous region, many of the funds have hesitated and deduct value from their bids, according to the financial sources consulted by “Voz Pópuli”.

These types of operations are very important for Sareb to accelerate the rate of asset sales, given that it has been given the mandate of divesting €50,000 million of problematic assets within 15 years, which started at the end of 2012. 

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