Sareb puts on the market the largest portfolio in its history, worth 10 billion in default debt.

Sareb is studying to place on the market its largest portfolio, formed by toxic assets, with the purpose of creating a joint venture with some of the largest international funds.

The Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria (Sareb) has decided to emulate the larger financial entities and seek a partner that helps it digest its awarded portfolio. The entity led by Jaime Echegoyen has decided to create a vehicle in which it would place loans with real estate guarantee (NPLs) where it should have a minority stake.

In this joint venture, Sareb would place loans for 10 gross billion, although the final figure is not closed, sector sources explain. It would be the largest sale in the firm created from assets coming from intervened banks from its creation, and in them would include different real estate guarantees: from land up until tertiary assets. Sareb’s goal is to give a way in, in this new firm, to one or more financial partners and, in order to lead negotiations, it has hired EY and CBRE. The process is still its first analysis phases, with the purpose of closing it in the second semester of the year or the beginning of 2019.

Contacts underway

Via contacts in their early stages, advisors have approached the main international investment funds with investors in the Spanish real estate sector, to know of their possible interest for this portfolio, called initially Project Ebro. When those confirm their interest for this vehicle, when this alliance will begin to take shape, the sector points. Among those possibly interested there’s names like the investing giants Cerberus, Bain Capital, Blackstone, Apollo, Kennedy Wilson or Goldman Sachs.

With Project Ebro, Sareb would follow the steps of entities such as Santander, that reached an agreement with Blackstone, creating the firm Quasar, with the real estate assets from the purchase of Popular.

In this case, the US fund seized 51%, while Santander holds 49%.

This is not the only loans portfolio Sareb has currently for sale. The firm has three other processes underway, although Project Ebro is, by size, the flagship. Thus, it hired Arcano the sale of Project Nora, formed by NPLs, with residential collateral worth 400 million; Project Vilasoa, including 300 million in loans guaranteed by land, and Project Dune, a portfolio relaunched in 2018, with 2.6 billion of non-guaranteed loans. In that case, Sareb hired PwC.

This process comes in parallel to the seeking of a partner, in this case, to strengthen its RED business. In this case, Sareb is taking to large real estate agencies and funds active in the residential sector, with the goal of working jointly with the development of finalist land and works underway.

In total, this portfolio would be valued in around 800 million, assets that Sareb would bring to a firm where its partner would have the majority stake.

Source: Expansión. Translation by Miguel Vinuesa Magnet.

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