KKR buys a 200 million NPL portfolio from CaixaBank

US manager KKR has bought a nonperforming loans (NPL) portfolio with a nominal value of 580 million euros from CaixaBank. The deal was closed for 200 million euros, a vlue that reflects a discount of about 65%. KPMG was the adviser.

These credits will be managed by KKR’s servicer, Hipoges Iberia, which is keen to show to Spain’s bad bank Sareb that it can carry out the management of large NPL portfolios. According to El Confidencial, Hipoges Iberia is presently competing with the traditional servicers for the tender launched by the ‘bad bank’, concerning a portfolio of hotels and non-strategic land with an original value exceeding 1,500 million euros. 

Original Story: Iberian Property | Alexandre Lima 
Photo: CaixaBank website
Edition: Prime Yield