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Sareb sells a loan portfolio with a par value of €237 million to Blackstone
09/01/2015

With the allocation of this portfolio, known as Aneto, the company has completed institutional sales over the past few weeks, valued at over €1 billion

 

Sareb has also completed the sale of an office building in Barcelona to Inmobiliaria Colonial for €10.4 million


Sareb has sold a portfolio of 39 non-performing loans with a par value of €237 million to funds managed by Blackstone. The portfolio, known as Aneto, is secured with 29 completed residential developments and plots of land ready for development (suelos finalistas), located across the whole of Spain, primarily in the Community of Valencia, Madrid and Galicia.

 

Sareb has also completed the sale of an office building in Barcelona for €10.4 million. The property is Gallina Blanca's headquarters and is located in Plaza Europa, which is an expanding business district. The property comprises 4,869 sqm of above ground office space and 68 parking spaces.

 

Both the sale of the loan portfolio and the office building were carried out in compliance with the strictest transparency and competition requirements, as is the norm with all Sareb transactions.

 

"These sales demonstrate the heightened activity of the company and that its assets are being well received in the market", announced Jaime Echegoyen, CEO of the company. "These divestments confirm the organisation's ability to successfully complete its objective", he added.

 

Over December, Sareb successfully completed the sale of various loan and property portfolios, valued at more than €1 billion. Therefore, in addition to the allocation of project Aneto, one must also add the sale of project Agatha (comprised of loans and properties valued at €259 million); Meridian (loan portfolio with a par value of €133 million); Olivia (loans with a par value of €140 million); the Kaplan process (credits to small and medium-sized developers, with a par value of €234 million).

 

In addition to the property exchanged today, over the past few weeks, Sareb has also sold four office buildings, which formed part of the Corona Bank Asset Fund (FAB) for €81 million.

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