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Bayside to buy distressed Spanish real estate portfolio

8 Aug 2013

H.I.G. Capitals credit affiliate Bayside Capital has agreed to acquire a pool of distressed Spanish real- state assets from Sareb, known as Project Bull. The sale values the portfolio at €100m.

This is the first Sareb real-estate asset portfolio to be put on the wholesale market. Sareb was set up at the end of last year to divest the portfolio of loans and real-estate assets transferred by banks, which had received government funding.

Chris Zlatarev, Bayside Capital, said, “We are pleased to have been able to partner with Sareb on this portfolio. This transaction demonstrates H.I.G.’s commitment to investing in Spain and growing our Real Estate and NPL business”.

The Project Bull portfolio comprises of residential developments, with 939 homes located in Andalusia, Canary Islands, Cantabria, Catalonia, Balearic Islands, Madrid, Murcia and the Valencia. It also includes 750 ancillary premises, such as parking spaces and storage rooms, and one retail unit.

The transaction has been structured via the creation of a Bank Asset Fund, a first in Spain. Sareb will retain a 49 per cent share in the FAB, whilst H.I.G Capital will own 51 per cent.

In May H.I.G. closed its H.I.G. Bayside Loan Opportunity Fund III, exceeding its $1bn target. In July the firm raised €825m for its lower mid-market European Capital Partners I vehicle.

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