US private equity fund Lone Star is now the official owner of a portfolio of real estate assets (REO) and non-performing loans (NPL) with a gross value of € 2,703 million purchased from the Spanish bank Bankia.
According to a note sent to Spanish Securities Commission (CNVM), the correspondent value from the real estate total €1,420 million while the NPL has a gross value of €1,283 million.
This operation is restricted to the assets owned by the two societies established by Lone Star and Bankia back in December 2018 to together manage and develop a portfolio of real estate and bad loans that was then valued in €3,070 million.
The difference between the final value of the sale and the initial value– of €367 million – is due to the «the organic recovery and the day-to-day management of the assets that had have been taken since the signature of the agreement until now», explains the banking entity.
Original Story:Eje Prime | News |
Photo: Bankia site
Translation and Edition:Prime Yield