The US investment fund Apollo Global Management has put the Ikigai portfolio of hotel NPLs and REOs up for sale, according to Expansión and confirmed by Brainsre.news. EY is coordinating the process.
The portfolio consists of bad loans with an outstanding balance of 138 million euros. These loans are backed by eleven hotels with an appraised value of €143 million. In addition, five properties valued at €41.6 million have already been foreclosed.
The assets are located in Santa Cruz de Tenerife, Lloret del Mar, Las Palmas, Cádiz, Pamplona, Almería, Murcia, Gerona, Lérida and Logroño. All the NPL’s and REO’s are immersed in judicial or bankruptcy proceedings, most of them from purchases from CaixaBank and Banco Popular.
Cerberus, Bank of America, Bain Capital, Davidson Kemper and Blantyre Capital are positioned as potential buyers of the portfolio. The non-binding offers will be received in the next few days, and those that make the cut will make the final offer in December.