Bayside Capital to Buy Sareb Property Portfolio

Bayside Capital, the credit affiliate of H.I.G. Capital, has agreed to buy the first pool of real-estate assets sold by Sareb, known as Project Bull. Sareb will retain a 49% stake while Bayside will have 51%. The deal values the portfolio at €100m and allows Sareb to participate in future gains. The Project Bull portfolio is comprised of residential developments, more specifically 939 homes located in: Andalusia (275), Canary Islands (129), Cantabria (5), Catalonia (38), Balearic Islands (19), Madrid (86), Murcia (44) and the Community of Valencia (343). The portfolio also includes 750 ancillary premises (parking spaces and storage rooms) and one retail unit.

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