Oaktree concluded acquisition of SDIN for €882M

Oaktree concluded acquisition of SDIN for €882M

The information was advanced this Monday by Sabadell through a release sent to the Comisión Nacional del Mercado de Valores, which explained that «after obtaining the required permits, the company transferred 100% of the capital stock from SDIN Residencial, S.L., Sociedad Unipersonal, and a set of real estate assets, mostly terrains for urban developments, to OCM Redes HoldCo S.à.r.l., an entity controlled by funds managed and/or advised by Oaktree Capital Management».

For Sabadell, the conclusion of this operation generated a total added value of 21 million euro after taxes and a 7% fully-loaded CET1 ratio, detailed the same release.

Now, American management company Oaktree owns a real estate developer which last Summer had 133 ongoing developments and 6.000 dwellings to sell all across Spain. According to newspaper Expansión, Oaktree has already nominated the company’s non-executive president: César González Bueno, ex top executive at ING in Spain. Francisco Pérez, from Sabadell, will also be top executive at the company.

This transaction, which was now concluded, had already been announced in August last year, but at the time it was pending approval from the authorities.

Oaktree thus ended the process to acquire the real estate developer which caused interest within the international market, since Sabadell received several bids for the acquisition between March and June last year. Goldman, Cerberus, Lone Star and Apollo were some of the companies which placed their bids for the Spanish developer.

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