The Management Company for Assets Arising from the Banking Sector Reorganisation (Sareb) has sold a portfolio of 23 performing and non-performing loans to funds advised by Canyon Capital Advisors LLC. The loan portfolio, known as Pamela, has a par value of €198.2 million and is secured by 20 rental residential properties located in Madrid.
The Pamela sale is the largest institutional transaction completed by Sareb this year, and one of the company's highest valued deals to date. The sale demonstrates the gradual recovery in the housing sector and the international investor interest in the Spanish finance and real estate market. The sale follows the good results achieved in the land segment, including Sareb's recent transactions within the Crossover project for €108 million.
Jaime Echegoyen, Sareb's CEO, pointed out that "the company is slowly but steady fulfilling its disposal mandate, maximising the value of the assets in an ever more professional and competitive sector".
The sale of this portfolio was carried out in compliance with the most exacting of standards in terms of transparency and competition. IREA and Baker & Mackenzie served as financial advisor and legal counsel, respectively, to Sareb and Cuatrecasas Gonçalves Pereira served as legal counsel to the buyer.