Private-Equity Firm H.I.G. to Buy Spanish Real-Estate Assets

Private-Equity Firm H.I.G. to Buy Spanish Real-Estate Assets

MADRID—Spanish officials managing soured assets from the country’s real-estate collapse announced their first big property deal, choosing Miami-based private-equity firm H.I.G. Capital to buy a majority stake in a package of 939 homes known as Project Bull.

Officials said the property deal, one of the most closely watched in Europe this year, priced the portfolio at €100 million ($133 million).

The properties were transferred to a Bank Asset Fund, which provides a favorable tax regime to investors, officials said. H.I.G.’s Bayside Capital agreed to take a 51% stake in the fund. Spain’s “bad bank,” the government-run asset-management firm known as Sareb, will retain a 49% stake.

H.I.G. Capital beat rival bids from Lone Star Funds, Apollo Global Management LLC,APO -0.70% Colony Capital LLC and a joint offer by Centerbridge Capital Partners LP and Cerberus Capital Management LP, people familiar with the transaction said.

Read more

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s