Sareb confirms winners of projects Meridian, Agatha, Olivia, Corona and nears sale of Kaplan in €850m sale flurry

Sareb has confirmed the sale of four commercial real estate-backed loan portfolios and one portfolio of Madrid offices to a mix of private equity funds, institutional investors and developers with a combined face value of €847m.

Cerberus Capital Management has won the €133m nominally-valued Project Meridian, which is secured by 26 hotel sector properties in Spain comprising more than 2,700 income-producing rooms.

The hotels are spread across six Spanish regions with the largest number of properties in the provinces of Valencia, Barcelona, Alicante, Almeria and Cadiz.

Irea acted as financial advisor and Cuatrecasas, Gonçalves Pereira acted as legal adviser on the sale of this portfolio.

Hayfin Capital Management, the UK-based alternative lender founded in 2009, headed a consortium which acquired one of two sub-portfolios in the Agatha portfolio, which comprised 38 performing loans with a par value of €194m and secured by 29 rented apartment blocks primarily located in Madrid.

Hayfin itself was put up for sale by majority owner TowerBrook in the summer, but a deal with either of two leading suitors, Ares Management and Guggenheim Partners, now reportedly looks less likely. 

D.E. Shaw acquired the second Agatha portfolio sub-pool, which comprised 10 rented housing developments also located in Madrid and valued at €65 million. Irea acted as the financial adviser to Sareb, whilst Ashurst acted as legal adviser.

Separately, Hayfin has acquired the Olivia portfolio, comprised of seven performing loans with a par value of €140m and secured with residential and retail properties located in the province of Valencia

Irea acted as financial adviser to Sareb, whilst Hernández-Echevarría (HEYD) acted as legal adviser on the sale of this portfolio.

The final of the loan portfolio sales confirmed by Sareb is the incomplete disposal of Project Kaplan, which has a par value of €234m and is comprised of performing and non-performing loans linked to small and medium-sized developers. The majority of these loans are secured by residential and land assets.

Finally, Blackstone has won the Corona portfolio, which is comprised of four office buildings in Madrid comprised of more than 40,000 sqm of office space for more than €81m.  The successful sale of the Corona portfolio is at the second attempt by Sareb who failed to secure any bids first time around.

The properties are all located in the northern area of Madrid and let with an average occupancy rate of more than 90%. Aguirre Newman and Clifford Chance acted as advisers to Sareb on the transaction.

“The diversity of the transactions that Sareb has completed are an indication of just how varied our portfolio is,” said t Jaime Echegoyen, CEO of Sareb in a statement.

“The heightened levels of activity at the company in these final stages of the year are a demonstration of investor confidence in the Spanish market. We are particularly pleased with the level of competition in the processes and we reiterate our commitment to guaranteeing flawless divestments.”

About CoStar News

Finance Editor, CoStar News
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