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Private equity funds prepare final bids for €740m Project Gaudi

A trio of private equity funds are among four finalists which will submit binding bids next week for a €740m portfolio of predominantly Spanish commercial real estate loans, secured by a raft of prized assets including the Hotel Arts in Barcelona, amid rising investor appetite in Iberia.

CoStar News understands that Cerberus Capital Management, Oaktree Capital Management and Orion Capital Managers all made it through to the final round of FMS Wertmanagement’s maiden European CRE loan portfolio sale, dubbed Project Gaudi, named after the legendary Catalan architect.

There is also understood to be a fourth as yet unidentified final bidder. The Project Gaudi finalists all submitted first round offers at or above 60 cents in the euro, which reflects a price of €444m or above.

Project Gaudi loan portfolio, which is being sold by Cushman and

  • several residential and industrial development sites.
  • The marquee asset in Project Gaudi is the 483-bed Hotel Arts in Barcelona, managed by Ritz-Carlton.

    A consortium comprised of Host Hotels

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