Bain Capital Credit, LP has announced that it has acquired a loan portfolio from Banco Ibercaja SA. This is Bain Capital’s ninth portfolio acquisition in Spain since 2014.
The portfolio has a €489 million par value and comprises non-performing and sub-performing first lien bilateral loans to real estate developers. The collateral securing the loans is mostly residential development land and real estate assets.
“We are excited about the opportunity to strengthen our position in the development sector with this investment,” said Alon Avner, a Managing Director and Head of Bain Capital Credit’s European business.
“We continue to believe Spain is one of the most attractive NPL and real estate markets in Europe. This portfolio, with its sizeable exposure to land plots in Spain’s largest cities, is a great opportunity to continue expanding our footprint in its residential development sector,” said Fabio Longo, a Managing Director and Head of Bain Capital Credit’s European non-performing loan & real estate business.
Support in executing this deal was provided by Hipoges and Altamira Asset Management, loan servicing specialists; Basico, Deloitte Real Estate and JLL real estate valuation providers; and Allen & Overy legal counsel.
About Bain Capital Credit
Bain Capital Credit (www.baincapitalcredit.com), founded as Sankaty Advisors in 1998, invests up and down the capital structure and across the spectrum of credit strategies, including leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans and equities. Our team of more than 200 professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.
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