Spain’s bad bank, Sareb, is selling a €563m portfolio of resort assets and loans, the legacy of developer Polaris World.
Project Birdie includes three golf courses, two five-star hotels and 2,146 residences and land in Murcia.
Polaris, one of the biggest resort developers in Spain, imploded when the property market crashed in 2009. The bulk of its assets and loans were transferred to IRM, set up by Polaris’ creditor banks, to manage them, but in 2013 IRM was put into administration.
At the time, Sareb held €309m of IRM’s debt, transferred from Bankia and Caixa (Banco de Valencia); Banco Sabadell and Popular held €185m and €135m respectively.
N+1 is advising Sareb on the sale and final offers are due July 9.
In another Spanish bank debt deal, Bank of America has emerged as the frontrunner to buy €400m of non-performing hotel loans from Bankia.
The portfolio, which is backed by just under 50 coastal and urban hotels across Spain, is called Project Castle.