MADRID Aug 6 Spain's "bad bank" Sareb said it
closed its first property portfolio deal, with investment firm
H.I.G. Capital taking a 51 percent stake in a package of close
to 1,000 homes around Spain, known as Project Bull.
Sareb said the deal priced the portfolio at 100 million
euros ($133.10 million).
Sareb said in a statement it retained a 49 percent share.
Sareb is an asset management company set up by the Spanish
government as part of a multi-billion-euro rescue of the
country's banks, to take on soured real estate assets and
property related loans.
The properties in the Project Bull portfolio, which include
homes in Madrid, Andalusia, Catalonia, the Canary Islands and
other parts of Spain, were transferred to a Bank Asset Fund,
which provides a favourable tax regime to investors, Sareb said.
Sareb said it received other bids for the portfolio, but did
not detail them.
Sareb, which was set up late last year, recently reported
that as of mid-July it had sold 1,800 property related assets -
including real estate and loans to builders - and registered
revenue of 900 million euros.
The bad bank's objective is to make 1.5 billion euros in
sales this year.