Cerberus Capital Management has launched a process to analyse the sale of its rental housing portfolio in Spain, a move for which it has appointed Deutsche Bank as its advisor.
According to El Economista, the German bank has been tasked with organising and channelling market interest in a set of residential assets spread across different areas of the country. This is a significant portfolio within the institutional rental segment, and its eventual divestment would make this one of the most notable transactions in the residential sector.
In addition, Bloomberg has reported that the first bids for this portfolio could be received in the coming weeks. According to the agency, the portfolio comprises around 3,300 homes and the process has been internally named Project Gloria.
Bloomberg adds that approximately 77% of the homes are located in Madrid, while Valencia accounts for around 16% of the total. The remaining assets are spread across Alicante, Málaga and Seville, according to documentation accessed by the agency.
This process is being launched at a time when several institutional investors are reviewing their exposure to the rental market in Spain, in an environment conditioned by developments in the financial context and the regulatory framework affecting the residential sector.
At the moment, no details have been released about the final timetable or the terms of the transaction, and neither Cerberus nor Deutsche Bank have made any public comments on the matter.
