Bidders lining up for Commerzbank Spanish real estate loans

Blackstone (BX +1.8%) is teaming with Deutsche Bank (DB +1.6%), Lone Star Capital with JPMorgan (JPM +0.3%), and Apollo Global (APO -0.6%) with Banco Santander (SAN +1.3%) to win Commerzbank's (CRZBY +4%) so-called Project Octopus portfolio of Spanish real estate loans, with bids reportedly topping €3B (face value of loans is over €4B).

Commerzbank is a forced seller as the bailed-out lender continues to move to get a grip on its capital levels (the German government is now a 17% owner).

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