CBRELS to service Alpha for Colony

CBRE Loan Servicing has been appointed this month as the primary servicer on Colony Capital’s Spanish loan portfolio, Project Alpha. Colony bought the €215m, three-loan package from Lloyds Bank in November. They are secured against office and retail assets in Madrid and Murcia. The loans will be managed from CBRELS’ London office, run by European chief operating officer Clarence Dixon.

The firm intends to deploy someone in Spain this year, where it has built up a servicing portfolio on assets totalling about €400m. Project Alpha was part of Lloyds’ Project Hampton loan sales, which also featured the €500m Project Bravo Scandinavian loans and €750m Project Charlie German and French loans, both sold to Cerberus.

Spanish non-performing loan sales have gradually picked up since Sareb started marketing portfolios last summer. In the past few months Deutsche Bank has bought three portfolios from Spain’s bad bank: Project Abacus; two loans made to Spanish property company Metrovacesa; and, this month, Project Walls, which includes five loans against offices and hotels in Barcelona, Madrid and Valencia.