US private investment fund Oaktree has bought a €430m non-performing loan portfolio of residential mortgages and SME loans in Spain from Deutsche Bank’s local subsidiary, according to Spanish media.
With the sale, Deutsche Bank has now divested the majority of non-strategic assets held in its Non-Core Operating Unit division, according to a report by Spanish newspaper Expansión. The newspaper cited sources at the bank saying that the portfolio includes loans and mortgages, which have been refinanced, and structured loans.
Oaktree is one of the largest buyers of NPL assets in Europe, with more than €5bn invested in the region, according to research from audit company Deloitte. Last year, the firm bought a €900m nominal property developer loan portfolio for between €350m and €400m from Spanish lender Ibercaja and, together with London-based distressed debt-focused hedge fund Chenavari, €1.3bn of distressed real estate mortgages from nationalised lender Bankia.