Sareb sells an unsecured loan portfolio to Spanish firm Procobro

Sareb has sold unsecured loan portfolio to Spanish firm Procobro, with a par value of €1,610 million.

The transaction – named ‘Saona’ – was completed via a competitive sales process that allowed Sareb to divest the minority positions in debt that had become unsecured following mortgage foreclosure. 

The company was advised on this transaction by EY on the financial side, and Herbert Smith Freehills on the legal side, while Procobro was advised by Versus Capital.