Sareb today announced that it has sold to funds affiliated SVP Global, a leading global investment firm, the loan secured by the InTempo building located in Benidorm, Spain, on the Mediterranean Coast.
In 2012, Sareb acquired the €108 million loan that Caixa Galicia had granted to the developer Olga Urbana to construct the residential building. One of the first measures that Sareb adopted after acquiring the loan was to ensure the developer went into insolvency proceedings in order to improve management transparency.
The sale of the loan to the new privilege creditor will help ensure the completion of the pending works, stalled since 2014, and eventual sale of the apartments.
The buyer was advised by Evercore, Gómez-Acebo & Pombo Abogados and Net de Gerrers.