BBVA to sell EUR 600m NPL portfolio Project Jaipur to Cerberus

04 July 2017

BBVA is selling a EUR 600m NPL portfolio to Cerberus Capital Management, according to a source familiar with the situation and a person familiar with it. Cerberus won against the competition of Apollo Global Management and Deutsche Bank, which presented binding offers at the end of June, as reported.


Vozpopuli  first wrote about the sale. The portfolio, dubbed Project Jaipur, is backed by residential developments, as reported.


BBVA recently sold Project Buffalo, a portfolio of repossessed Spanish residential properties with a gross book value of EUR 300m, to the Blackstone Group, as reported.


Cerberus was the largest investor in European real estate loans and REOs in 2014, 2015, and 2016, according to an Evercore report. Until this transaction, however, it has not made a significant NPL acquisition in Spain during 2016 or 2017.


Debtwire previously reported that Cerberus is selling its 40% stake in HipoGes, a Spanish servicer with EUR 7.9bn assets under management. Cerberus also owns a majority in Haya Real Estate, a Spanish servicer with EUR 43bn assets under management.