16 April 2015 – El Mundo
Yesterday, the US fund Blackstone finalised its purchase of a portfolio of (a portfolio of) problematic assets from Catalunya Banc for €4,123 million. This transaction unblocks the acquisition of the entity by BBVA, which now just needs to be approved by the EU’s competition authorities.
The Fund for Orderly Bank Restructuring (the FROB) confirmed yesterday that the transaction had been conducted through the transfer of the portfolio to an asset securitisation fund, with the support of the public body itself, which sits under the Ministry of the Economy.
Specifically, the FROB will subscribe to a bond issue amounting to €524.9 million, whilst Blackstone will contribute €3,598.4 million. As a result of this transaction, the US fund will acquire a portfolio of problematic loans amounting to almost €6,400 million. Last summer, the portfolio aroused interest from numerous funds that specialise in the management of doubtful debts.
Original story: El Mundo (by J. G. Gallego)
Translation: Carmel Drake
Source:: AURA Real Estate Experts