Overview:
- Bankia has sold a loan portfolio known as ‘Project Wind’ to the funds Oaktree Capital Management and Chenavari Financial Group for €1.2 billion.
- The portfolio contains doubtful mortgages to individual borrowers, and the transaction comprises three different portfolios shared between US fund Oaktree and the British fund Chenavari.
- This transaction follows Bankia’s sale of another portfolio containing hotel debt to Bank of America known as ‘Project Castle’, comprising 91 operations linked to 45 assets.
- Bankia also has another packet of real estate assets up for sale called ‘Project Big Bang’, which includes a portfolio of residential and commercial assets, as well as land, worth €4.8 billion, which would represent the largest sale of real estate assets since the real estate bubble burst.
Adam Majeed - Regional editor