Oaktree buys €150m of Spanish NPLs

The portfolio, acquired from Sareb, consists of defaulted loans secured against residential assets and plots of land.

Oaktree Capital Management has bought a portfolio of non-performing loans with a nominal value of €150 million from Sareb, Spain’s ‘bad bank’.

The portfolio, dubbed Project Tambo, contains loans made on residential assets and plots of land located in Catalonia, Madrid, Valencia, the Basque Country and the Balearic and Canary Islands.

The transaction was completed following a tendering process, Sareb said. JLL and CBRE advised Oaktree and Sareb, respectively.

In December, Sareb sold to Deutsche Bank a NPL portfolio with a nominal value of €375 million.

The portfolio consisted of defaulted loans secured mostly against completed residential properties across Spain, mainly in Madrid, Catalonia, Andalusia and Aragon. Collateral also included some plots of land and offices under development.

“This transaction is consistent with Sareb’s divestment strategy and continues to show the continued confidence in the Spanish market,” Alfredo Guitart, the bank’s general business director, said at the time.