Sareb has sold a batch of developer loans for a nominal amount of 1.7 billion euros to the collection agency Procobo. According to Expansión, the portfolio comprises unpaid debt positions that do not have real estate as collateral after the loans were foreclosed.
Although 16 private equity funds participated in the bidding, Procobo won. The price it paid has not been disclosed, though it is likely to be around 10% of the loans’ nominal value.
Herbert Smith Freehills and Haya Real Estate advised Sareb, while Versus Capital advised Procobo.