Oaktree Capital Management has entered exclusive negotiations with FMS Wertmanagement for the predominantly Spanish Project Gaudi commercial real estate loan portfolio for a price thought to be just north of €500m, CoStar News has learned.
Negotiations are ongoing and the Board of FMS Wertmanagement is still to approve the sale, but Colony Capital, the second finalist, is no longer in the running to acquire the bad bank’s prospective maiden European NPL.
Project Gaudi, named after the legendary Catalan architect, has an unpaid balance of €740m, and is expected to trade at around 68 cents in the euro.
Cerberus Capital Management and Orion Capital Managers made up the top four, as revealed by CoStar News at the turn of the New Year.
Project Gaudi loan portfolio, which is being sold by Cushman and
The marquee asset in Project Gaudi is the 483-bed Hotel Arts in Barcelona, managed by Ritz-Carlton.
A consortium comprised of Host Hotels