Sale of ECS assets with two interested parties in the final stretch

Sale of ECS assets with two interested parties in the final stretch

Davidson Kempner and the Bain/Cerberus consortium are the finalists for the purchase of the ECS restructuring funds, having submitted binding proposals and submitted the respective offers within the deadline that ended at the end of August.

Back in April, PropertyEU stated that the bank had selected a shortlist of three investors, which also included Oaktree, which in the meantime withdrew from the deal, according to Eco.

At issue is a portfolio of luxury hotels such as Conrad Algarve, Hilton's As Cascatas Golf & Resort Spa, NAU hotels, as well as La Vie shopping centers, among others, with a total of around 20 assets.

Among the banks exposed to ECS funds are Novo Banco, BCP or CGD. Santander and Oitante also hold investment units.

The bank will now have to choose the buyer by the end of the year. The deal may include financing this operation.

Iberian Property logoIberinmo logo
Iberian Property is the best platform for investment in Spain & Portugal. Created for those who seek reliable information about players and deals happening in Iberia. Through updated database, reports, market indicators and daily news, we report “Who’s Who” in Iberian Real Estate!. Iberian Property is also proud to organize the most important international real estate investors’ meeting in Iberia - Portugal Real Estate Summit!