Cajamar has sold a real estate portfolio comprising 6,000 real estate assets with a total nominal value of nearly 500 million euros to the opportunistic fund Cerberus.
The transaction is subject to the necessary corporate and regulatory approvals and is expected to close by the end of 2021.
The real estate portfolio, known as Project Jaguar, is comprised of residential, retail, office and land assets. The assets are mainly in Andalusia, the Valencian Community, Catalonia, the Balearic Islands and the Region of Murcia.
“The Jaguar Project is the largest transaction of non-performing assets in the Spanish market since the beginning of the pandemic and the largest divestment completed by Cajamar to date,” the entity has indicated.
Alantra acted as financial advisor to Cajamar in the transaction, which represents the fifth project completed for the Spanish bank after Baracoa, Escullos, Galeón and Tango.
Cajamar also received legal advice from Uría Menéndez, while Clifford Chance advised Cerberus.