The Management Company for Assets Arising from the Banking Sector Reorganisation (Sareb) has sold a debt portfolio with a face value of EUR131 million to Banco Sabadell. The financial institution carried out the transaction via its specialist Real Estate Finance unit.
The financial assets acquired are 13 credits and loans with a total of 185 real estate collaterals, mainly retail units, offices, as well as residential assets and plots of land, primarily located in the provinces of Barcelona and Tarragona.
The transaction was carried out in line with the internal conflicts of interest regulations and via a competitive bidding process, which a wide array of investors took part in, among others, investment funds specialised in acquiring debt.
Banco Sabadell was advised by the law firm Ashurst, while Sareb was advised by the advisory firm IREA and the law firm Baker & McKenzie.