Cerberus Capital seals largest NPA deal in Spain since pandemic crisis began

New York-based Cerberus Capital Management has won a process to acquire a package of 6,000 residential, commercial, and land assets from a major Spanish financial institution in the largest deal of its kind in Spain since the outbreak of Covid-19 last year.

Cajamar Cooperative Group put Project Jaguar on the market as part of ongoing efforts to reduce Non Performing Assets (NPAs) exposure having previously offloaded other liabilities.

It said Cerberus’ successful bid for the Jaguar assets reflected a total nominal value of close to €500 mln. It means the US investment firm will take control of the 6,000 assets when various approvals are received, expected later this year. The assets are mainly in Andalusia, the Valencian Community, Catalonia, the Balearic Islands, and the Region of Murcia.

The Jaguar Project is not only the largest NPA transaction in the Spanish market since the start of the pandemic but also the largest divestment completed by Cajamar to date.

Due to its size and volume of assets, Cajamar is considered to be one of the 12 significant institutions of Spain’s financial system by the European Banking Union.

It has assets of €54 bn and is a consolidated group of credit institutions made up of 19 entities and 909 branches operating as Banco de Crédito Cooperativa (the head entity), Cajamar Caja Rural, Caixa Rural Torrent, Caixa Rural de Vila-real, Caixaltea, Caixa Rural Burriana, Caixa Rural Nules, Caixacallosa, Caixapetrer, Caixaalqueries, Caixa Rural San Vicent Ferrer de Vall d'Uixó, Caja Rural de Cheste, Caixa Rural d'Alginet, Caja Rural de Villar, Caixaturís, Caixa Rural Vilavella, Caixa Rural de Almenara , Caixa Rural Vilafamés and Caixa Rural Xilxes.

Alantra acted as Cajamar's financial advisor on the transaction, which represents the fifth project completed for the Spanish bank after Baracoa, Escullos, Galeón and Tango.

Legal advisor was Uría Menéndez, while Clifford Chance advised Cerberus.


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