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Tue, May. 20, 5:06 AM
- JP Morgan (JPM) and private-equity firm Lone Star are in the final stages of acquiring a portfolio of Spanish property loans from Germany's Commerzbank (CRZBF) for €3.7-3.9B (up to $5.4B), Reuters reports.
- The assets comprise €1B of non-performing debt and €3.3B of performing loans backed by office blocks and shopping centers.
- Should the deal go ahead, JPMorgan and Lone Star would be following other major foreign investors - particularly Blackstone - into a property sector that is apparently starting to recover from a massive bust that occurred during the financial crisis.
Sep. 25, 2012, 6:03 AMGermany has a particular interest in helping Spain through its crisis, as the exposure of German lenders to the Mediterranean country is $139.9B, of which $45.9B is to banks. German institutions are particularly exposed to covered bonds, which are often backed by the collateral of consumer mortgages, whose values may have been affected by the cratering of the residential market. | 1 Comment
CRZBY vs. ETF Alternatives
Commerzbank is Germany's third-largest private-sector bank with more than Euro444.9 billion in total assets as of Dec 31 2005. Co.'s domestic operations include a network of over 800 branches. Internationally, Co.'s activities are concentrated in Europe and other key markets, including the U.S.... More
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