Commerzbank selling huge Spanish Eurohypo real estate portfolio

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Commerzbank, has put the biggest credit portfolio on the market in the history of Spain and the largest in Europe at the present time. The second largest German bank wants to liquidate all its real estate asset positions in Spain, which amount to €5 billion, and has retained the services of Lazard for the purpose.

The enormous interest of international funds to buy loan portfolios and real estate assets in Spain has led Commerzbank to put the Eurohypo portfolio up for sale. Eurohypo, one of the major financiers of real estate in Spain during the era of the property bubble, was acquired by its German mortgage bank rival after the real estate bubble burst.

Commerzbank, which between 2009 and 2010 had to be partially nationalized partly due to the indigestion that followed on from the merger with Eurohypo, wishes to divest these loans and assets during 2014, either by dividing the assets into lots or through a disposal in a single transaction.

According to official information from Commerzbank, the portfolio consists of €3.3 billion in loans that are currently up to date on payments and €1.7 billion delinquent or non performing loans (NPL’s).

Lazard has already started preparing the sales particulars to send to potential buyers, which include entities such as Deutsche Bank, Goldman Sachs and Bank of America Merrill Lynch, some of the most active banks in transactions of this type, as well as opportunistic funds such as Fortress, Cerberus, Lone Star, Apollo, Anchorage, Centerbridge, HIG, Kennedy Wilson, Varde Partners and Blackstone.

See original article in El Confidencial El Confidencial

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