Deutsche Bank has added to its Spanish real estate debt exposure with the purchase of a portfolio of development loans with a face value of around €400 million.
The investment bank was selected by Spanish bank Bankia to buy the so-called Project Ocean loan book, according to the Spanish newspaper Expansión. The newspaper cited market sources which estimated that Deutsche Bank had bought the portfolio for less than €150 million.
Deutsche Bank has proven to be a key investor in the Spanish real estate loan market. In the first quarter of this year it closed a transaction with Bankia which saw it buy the €645 million Project Babieca real estate loan portfolio.
Investors remain keen to acquire non-performing real estate loan books and bank-owned property portfolios in Spain. Expansión also reported that Bankia is in the process of selling 2,500 apartments to Bain Capital subsidiary Sankaty.
According to Cushman & Wakefield Corporate Finance’s European Real Estate Loan Sales Market Report Q1 2016, Spain accounted for 50 percent of closed business during a quiet first quarter. In total, around €1.9 billion of debt by face-value was sold in the country during the three months. However, sales had decreased by 40 percent from the last quarter of 2015.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: