HIG buys real estate assets from Spain’s “bad banks”

Sareb has sold 51% of a portfolio named Project Bull, which includes 939 homes, primarily located in Valencia, Andalusia, Murcia, Canary Islands and Madrid. The deal values the assets at €100m.

The transaction saw the assets transferred to a Bank Asset Fund, which provides a favourable tax regime to investors.

Several institutional investors are understood to have expressed an interest in the portfolio. Lone Star Funds, Apollo Global Management and Colony Capital are reported to have put in a bid for the assets, alongside a joint offer from Centerbridge Capital Partners and Cerberus Capital Management.

The deal is expected to pave the way for similar transactions, setting a pricing benchmark for such assets.

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• Topics
• Southern Europe
• Real estate
• Spain
• HIG Capital