Sareb sells €323 million loan portfolio to Deutsche Bank AG

Sareb has finalized a transaction with the Commercial Real Estate Group of Deutsche Bank AG to sell the Abacus portfolio, along with loans sold as part of the Bermudas process. The whole portfolio has a par value of €323 million and represents approximately 20 borrowers. The loans are secured by commercial properties largely located in Madrid and Barcelona as well as in the Communities of Valencia and Andalusia.

The Abacus portfolio comprises about thirty loans with a par value of €233 million, while the Bermudas transaction includes loans with a par value of €90 million.

The General Director of Financial Assets of Sareb, Luis Moreno, underlined the interest created by this portfolio given the quality of the underlying commercial real estate collateral. Over one hundred investors showed initial interest prior to Deutsche Bank ultimately being selected as purchaser following a process carried out “to the highest standard of transparency.”

Also participating in the transaction were law firms Garrigues and Dentons acting for the respective parties. IREA provided advisory services to Sareb and HSBC acted as financial advisor on the sale. Deutsche Bank completed the transaction in conjunction with Madrid-based Magic Real Estate.