Sareb has completed the sale of a loan portfolio with a par value of EUR 375 million to Deutsche Bank. The transaction, known as ‘Inés’, is the largest carried out by the company in 2017.
The loans sold are secured by real estate assets located in the Community of Madrid, Catalonia, Andalucía and Aragon. The portfolio is comprised mainly from residential assets, but it includes also some plots of land and offices under development.
The transaction was completed via a competitive sales process, thereby enabling the value of the assets to be maximised to the full. The sale of this portfolio was also executed in compliance with the most demanding standards in terms of transparency and competition.
“This transaction is consistent with Sareb’s disinvestment strategy and shows the sustained confidence in the Spanish market and our determination to accomplish our goals with responsibility”, has concluded Alfredo Guitart, Business General Manager of Sareb.
Sareb was advised on the transaction by the legal firm Garrigues and by Irea, as financial advisor.