Cuatrecasas, Gonçalves Pereira advises Sareb on selling real estate assets worth €800 million

2013年11月27日

The deal is part of the process to reduce the debt Sareb holds in the main real estate companies
The deal is part of the process to reduce the debt Sareb holds in the main real estate companies

Sareb sells the loans of Metrovacesa and Realia for €550 million and Colonial’s debt package worth €245 million

 

Cuatrecasas, Gonçalves Pereira, through its corporate finance team in Madrid, has advised the Company Managing the Assets derived from the Banking Restructuring (“Sareb”) on selling the loan portfolios of Metrovacesa, Realia (Business and Capital) and Colonial (including Asentia and Riofisa). This transaction, which Sareb initially called the Bermudas project, was later divided into several transactions.

 

The Bermudas project started with Sareb selling a debt package from Colonial, with a nominal value of €245 million, to Irish company Burlington Loan Management Limited.

 

Sareb then sold its share in two bilateral loans from real estate group Metrovacesa, with a nominal value of €80.5 million, to Bank of America Merrill Lynch, although between May and November it had already sold various real estate assets amounting to €323 million to Deutsche Bank.

 

Finally, through the transaction known as the Elora project, Sareb also sold its share in the Realia syndicated loan, with a nominal value of €438 million, to US fund Fortress.

 

Partners of the corporate finance team Rafael Mínguez and Jaime de la Torre, and mid-level associate Miguel Cruz conducted the transaction, which is part of the process to reduce the debt Sareb holds in the main listed real estate companies.

 

 

Photo credit: woodleywonderworks / Foter.com / CC BY

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