Sareb has taken a new step forwards in its disinvestment strategy with the sale of a syndicated loan portfolio which it had with Colonial Group. The loan portfolio, with a total nominal value of 245 million euros, has been sold to Burlington Loan Management Limited.
This transaction –which was advised on by Cuatrecasas, Gonçalves Pereira (Sareb) and Ashurst (Burlington Loan Management Limited)- forms part of the sales process known as ‘Bermudas’, the aim of which is the complete or partial reduction of Sareb’s exposure to the main listed real estate companies.
Sareb’s director of Financial Assets, Luis Moreno, stated “as with all of Sareb’s sales, this sales process has been completely transparent and competitive.”
This is the second sale of this type that Sareb has completed. The first sale was carried out this May, when it sold a participation in a Metrovacesa syndicated loan.
These two transactions, as well as the sale of the Project Bull portfolio, have consolidated the wholesale sales channel, as an efficient and profitable way of selling Sareb’s assets.
At the same time as carrying out wholesale investment transactions, Sareb is seeing intense activity in the retail channel and individual prime assets, which include the sale and letting of high value properties with special characteristics, particularly in the main capital cities.
In terms of the retail channel, Sareb is seeing exponential growth in the sale of properties via the bank branches of the contributing banks. As at mid July, 1,800 properties had been sold via this channel.