The North American investment fund and venture capital manager KKR has bought a portfolio of "toxic" mortgages from the financial institution for 200 million euros. KPMG advised the operation.
According to El Confidencial, these loans have a nominal value of 580 million, making the transaction discount 65%.
KKR gives its servicer Hipoges more credits to work, which, predictably, will be able to get a good return, given the discount. The management of these types of portfolios is a demonstration to Sareb that it can carry out large portfolios. Hipoges Iberia is in conflict with the traditional servicers for the mega-contract of the ‘bad bank’.
Precisely, Sareb has launched a lot made up of hotels and non-strategic land to tender. Its original value would exceed 1,500 million euros, although the entity chaired by Javier García del Río would not see the possibility of giving it added value, and that is why it seeks divestment.
