Sareb has signed an agreement with Bank of America Merrill Lynch for the sale of two loans held with Metrovacesa, for a nominal amount of €80.5 million.
This operation known as portfolio Fado is part of the Bermudas process, aimed at attaining a total or partial reduction of Sareb's exposure to the main quoted real estate companies. These loans, rated as performing, have as collateral the Parque Empresarial Alvia, in Pinar de las Rozas (Madrid), and the hotels Paseo del Arte and Barceló Manoteras, also located in Madrid.
The Director of Financial Assets of Sareb, Luis Moreno, has underlined the "agility and transparency of the process" and has pointed out that the disinvestment model of this transaction, based on putting up for sale a reduced number of assets, "is a very rapid and efficient way of closing operations, so we intend to repeat it in the future".
Participating in the operation as advisors were Cuatrecasas, for Sareb, and Herbert Smith Freehills, for Bank of America Merrill Lynch.