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.

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