Bain Capital Credit, LP announced that it has acquired two loan portfolios and a portfolio of repossessed real estate assets from three Spanish banks through a number of controlled affiliates. They are:
- A €415 million par value loan portfolio acquired from Banco Sabadell, comprised of defaulted first lien bilateral Spanish loans to real estate developers, primarily secured on residential and commercial real estate assets.
- A €511 million par value loan portfolio acquired from Grupo Cooperativo Cajamar, comprised of secured and unsecured defaulted bilateral and syndicated loans, mostly to real estate developers in various stages of bankruptcy. These loans are primarily secured on residential and commercial real estate assets.
- A real estate portfolio with an appraisal value of more than €220 million acquired from a major Spanish bank, primarily comprised of repossessed residential units and commercial real estate assets across Spain.
“We are excited about the opportunity to cement our position in the Spanish non-performing loan and real estate market with these investments,” said Alon Avner, a Managing Director and Head of Bain Capital Credit’s European business, which now holds six loan and real estate portfolios in Spain.
“Our expansion in these markets demonstrates our commitment to the region, and particularly our ability to execute complex transactions in a tight timeframe despite the challenging market conditions,” said Fabio Longo, a Managing Director and Head of Bain Capital Credit’s European non-performing loan & real estate business. “We see the potential for further investment in the Iberian Peninsula, particularly in the real estate and non-performing loan markets.”
Support in executing these deals was provided by Copernicus, Hipoges, and Altamira, three Spanish financial services companies; Aura REE and CBRE, real estate valuation providers; and J&A Garrigues and Cuatrecasas, local legal firms which assisted Bain Capital Credit.
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.