Alantra advises Cajamar on the sale of a €500m REO portfolio to Cerberus

Jul 2021

Sell-side advisory

Value €500 million

Madrid – Alantra, the global investment banking and asset management specialist, has advised Grupo Cooperativo Cajamar (“Cajamar”), the leading rural savings bank and credit union in Spain, on the sale of 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. 

Grupo Cooperativo Cajamar is one of the top ten financial entities in Spain, with a business volume of €89,498 million, assets amounting to €54,794 million, 1,055 offices and agencies, and 5,357 professionals who provide service and advice 3.5 million customers in our country. It provides financing to companies, freelancers, and individuals both for their regular activities and businesses as well as for their new projects, devoting special attention to the development of the rural environment, and in particular the agri-food sector. 

Joel Grau, Managing Partner & CEO of Alantra Credit Portfolio Advisory commented: “We are proud to work again with Cajamar, supporting it in its largest divestment to date, which represents Alantra’s fifth project advising the Company. This deal adds on to Alantra’s strong deal record in the sector, demonstrating our credentials and capabilities as leading independent advisor in NPE transactions.”