The Company Managing the Assets derived from the Banking Restructuring (“SAREB”) has completed the sale of several property portfolios to foreign institutional investors. Cuatrecasas, Gonçalves Pereira acted as legal advisor to the companies that acquired several SAREB projects, including real estate-backed loan portfolios secured by hotels, offices, apartment blocks and housing developments.

UK-based fund Hayfin, in consortium with another investor, acquired the Agatha portfolio, with a par value of €194 million. Bank of America Merrill Lynch (BAML) acquired an asset with a nominal value of €25 million, and entered into a dation in payment agreement for the collateral.

Cuatrecasas, Gonçalves Pereira also recently advised Hayfin on acquiring the Project Olivia portfolio, having advised the fund at the beginning of the year on acquiring the Project Klauss portfolio valued at €106 million, and some months later, Project Pamela, with a par value exceeding €200 million.

SAREB awarded Cerberus hotel properties valued at €133 million belonging to the Project Meridian portfolio, secured by 26 tourist establishments in Spain. In this transaction, Cuatrecasas, Gonçalves Pereira advised SAREB.

Bond issue

Cuatrecasas, Gonçalves Pereira also advised on issuing senior bonds 2014-2 as a result of the rollover of the issue of SAREB bonds 2013-4, valued at €10.3 billion, and on issuing senior bonds 2014-3 as a result of the rollover for the issue of SAREB bonds 2012-2, valued at €15.4 billion.

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