KPMG to assist in Spanish Property Sale
Spain’s so called “bad bank” Sareb has hired financial consultancy firm KPMG to sell the first batch of its distressed property stock to institutional investors. The property, at least initially, will stay out of the retail market as Sareb tries to get the sale process off to good start by selling in bulk to large-scale funds looking for yield. Interested parties are thought to include private equity firms Leon Black’s Apollo Global Management LLC (APO), Thomas Barrack Jr.’s Colony Capital LLC and billionaire Wilbur Ross. The properties, secured from rescued lenders, are based in Andalucia and Valencia and represent some of the better stock on Sareb’s books as it bids to sell the first segment of the 200,000 plus units it has on its books. According to Bloomberg, the bank now has assets worth over 50 billion euros which includes 38 completed developments and at least one off-plan project. The stock was bought with average discounts ranging from about 46 percent ...
