Deutsche syndicates chunky Cerberus REO financing

Cerberus 230x
By Owen Sanderson
21 Jan 2020

Deutsche Bank has syndicated part of the financing for Cerberus’ acquisition of a large pool of real-estate owned properties (REOs) — houses — from Banco de Sabadell late last year, as part of the bank’s disposals of non-core assets.

Cerberus and Sabadell set up a joint venture, with Sabadell taking 20% and Cerberus 80%, to manage the portfolios of foreclosed properties, which traded for €3.43bn. Deutsche provided a €2.3bn secured loan to leverage the portfolio, and has syndicated some of it out, including €88m to NatWest Markets, ...

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