Apollo, Cerberus, TPG To Liquidate Spanish Banks’ Real Estate

Dec 8 2014 | 10:54am ET

A trio of private-equity firms has won the contract to sell off the real-estate assets of Spain’s so-called “bad bank,” Sareb.

Apollo Global Management, Cerberus Capital Management and TPG Capital Management will sell more €41 billion in properties and loans over the next seven years. The assets were transferred to Sareb by Spain’s bailout-out banks during the financial crisis.

Cerberus won the biggest slice of the property pie as Sareb assigned it to market more than 50,000 loans, made by Spain’s largest bailed-out bank, Bankia, worth €18 billion over the next five years. Apollo will sell more than 44,000 properties and loans, worth about €14 billion, over seven years. TPG also has seven years to sell more than 30,000 properties and loans worth more than €9 billion.

Sareb left Centerbridge Partners out of the final division.

The p.e. firms will formally take over management responsibilities on Jan. 1.


In Depth

Q&A: Portfolio Advisors' Brian Murphy On The Advantages of A Private Markets Platform

Jan 2 2018 | 11:05am ET

Most private markets firms reference their platforms as a source of competitive...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: The Top Hedge Fund Industry Trends for 2018

Jan 2 2018 | 12:22pm ET

Each year, Don Steinbrugge’s Agecroft Partners compiles the insights gained...

 

FINalternatives Trending

From the current issue of