Lone Star Funds €930 million acquisition of Kutxabank's real estate business

Overview:

• Lone Star Funds has acquired Kutxabank’s real estate business, which included approximately 50% of its real estate assets portfolio, and the undertaking to continue servicing through Neinor Group the remaining real estate assets of Kutxabank that were not transferred to the fund.
• At a transactional value of €930 million and nearly 12,000 assets, the deal was one of the major real estate deals in Spain in recent times.
• The assets, rights and obligations to be transferred were owned by different companies within the Kutxabank group necessitating the design and execution of a restructuring procedure.
• Neinor Group, now under the commercial brand of Neinor Homes, seeks to become the largest property developer in Spain.  

Adam Majeed - Regional editor