Grupo Cooperativo Cajamar has sold a Real Estate Portfolio (REO) composed of 6,000 assets with a total Face Value of c.€500 million to a subsidiary of Cerberus Capital Management, L.P. (“Cerberus”). The Transaction, which is subject to all necessary corporate and regulatory approvals, is expected to close by the end of 2021.
The portfolio, named "Jaguar", is composed of 6,000 residential assets, commercial premises, offices, and land. The assets are located mainly in Andalusia, the Valencian Community, Catalonia, the Balearic Islands, and the Region of Murcia.
This transaction represents the largest NPE transaction in the Spanish market since the outbreak of COVID, and the largest divestment ever completed by Cajamar.
Alantra acted as financial advisor to Cajamar on the transaction, which represents the fifth project completed for the Spanish bank after Projects Baracoa, Escullos, Galeón, and Tango.
Uría Menendez acted as legal advisor Cajamar, while Clifford Chance was the legal advisor of Cerberus.