These two real estates are in an advance stage of sale, according to Vozpópuli. Both cases were analyzed by the biggest vulture funds in Spain, such as Apollo and Cerberus, which have been wanting a higher presence in the land development. Other funds following this line of action are: Värde Partners (Aelca and Vía Célere), Castlelake (Aedas) and Lone Star (Neinor).
Habitat, ownership of the funds that made part of the capital after the tender, hopes to receive binding offers. Apollo, Bain Capital and other funds are studying it. The process is headed by Irea and its value may be around of €200 million.
This developer produced one of the biggest creditors’ tenders in Spain, at the beginning of the crisis, after the one from Martinsa. As a result of the fall, several vulture funds bought their debt which, as an outcome of the insolvency proceeding, was converted into shares. That way, Goldman Sachs, Bank of America Merrill Lynch, Capston, Marathon and SC Lowy comprise around 70% of the capital, which is now for sale. The remaining is controlled by Ferrovial, Figueras family, and several major investors’ Catalans, such as Isak Andic, a shareholder of reference of Mango.
The situation of Inmoglaciar is different, since its sale relates to the interest of Moreno family, owner of the company capital, to take advantage of the recovery of the sector in order to produce capital gains. The owners of Inmoglaciar have mandated Montalbán Atlas Capital to sell 75% of the company. Several funds have studied the operation over the last weeks, such as Apollo and Cerberus, but sources of the sector refer that Cerberus seems to have more options.