Spain's "bad bank" sells property developer loans
MADRID Aug 9 (Reuters) - Spain's so-called bad bank, set up to purge state-rescued lenders of soured real estate assets, said on Friday it had sold 245 million euros ($328 million) worth of syndicated loans belonging to property developer Colonial.
The disposal is another sign the bad bank, established at the end of 2012 and known as Sareb, is speeding up sales after it was accused by some investors of making a slow start. It closed its first deal on a property portfolio earlier this week.
Sareb said Burlington Loan Management - a hedge fund known for investing in Iceland after its banking crash - has bought Colonial's loans, though it did not give a price.
The bad bank added it was working to cut its exposure to listed-property developers such as Colonial, in an operation dubbed "Bermudas".
Colonial's shares are owned by banks, which took it over after it struggled with debts in the wake of Spain's 2008 real estate crash. ($1 = 0.7471 euros) (Reporting by Sarah White, Editing by Paul Day and David Evans)
- Putin dissolves state news agency, tightens grip on Russia media
- North Korea says Kim's powerful uncle dismissed for 'criminal acts'
- Thai PM calls snap election, protesters want power now |
- Record cold, ice grip U.S.; more snow to blanket East
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'