CaixaBank is cleaning up its balance sheet. The American investment fund and private equity manager KKR has acquired a portfolio of non-performing mortgages from the financial institution for 200 million euros.
According to El Confidencial, these loans have a nominal value of €580 million, so the discount on the transaction is 65%. KPMG advised on the deal.
KKR is thus providing its servicer Hipoges more loans to work with, which will likely offer a good return, given the discount. Taking on this type of portfolio is a sign to Sareb that it can manage large portfolios. Hipoges Iberia is in contention with the traditional servicers for a huge contract with the bad bank.
At the beginning of the year, the US asset manager also bought the Dakar portfolio from BBVA, with a gross value of approximately 700 million euros. This package included the real estate assets of the rescued financial institution Unnim.