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Morgan Stanley Acquires 4,000 Mortgages in Hercules Project

Morgan Stanley’s deal for the Hercules Project, which has yet to be finalised, concerns a portfolio of loans with an outstanding balance of close to 200 million euros.

Morgan Stanley

The US investment bank Blackstone is finalising the sale of 4,000 mortgages from the Hercules project to Morgan Stanley. These loans have an outstanding balance of 200 million euros, according to El Confidencial.

Morgan Stanley is said to have beaten CarVal, one of the favourites in the process. This fund had already bought 10,000 mortgages from Blackstone from the same portfolio in 2019. In addition, in recent years, it has made numerous major purchases: a portfolio of bad loans from Sabadell, valued at €2.295 billion; and, in 2021, a portfolio of refinanced mortgages from Abanca, with an outstanding balance of €250 million.

The portfolio consists of mortgages acquired by Blackstone in 2014 from Cataluña Banc, before its merger with BBVA. Originally, there were 100,000 non-performing mortgages worth 5.67 billion euros. Since then, many have defaulted, been refinanced or restructured, although payments are now up to date.

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