One of the fund's most significant recent developments is the allocation of Project Ignis. ING Group launched this portfolio last spring, and Cerberus acquired it after a competitive bidding process. The portfolio consists of €230 million in non-performing loans, both mortgage- backed and unsecured . In this sector, these assets are classified as secured and unsecured, which implies different levels of risk and recovery potential . The transaction was closed with an approximate 35% discount , bringing the final value to around € 150 million, according to industry sources. Such discounts are common in this market, where the price depends on the future ability to recover the loans and the performance of the associated assets .
More acquisitions and competition among large funds
In addition to this acquisition, Cerberus has shown interest in other significant transactions in the debt and real estate sectors . Of particular note is its participation in the sale of Coral Homes, a company with a substantial portfolio of real estate assets that Lone Star acquired from CaixaBank approximately eight years ago .
At one time, that portfolio was valued at €7 billion, although over time it has shrunk to less than €1 billion. This portfolio has attracted the interest of several investors, such as Apollo and Fortress, who are competing with Cerberus to gain control of the company. Furthermore , the fund has also taken an interest in a portfolio of approximately €200 million that Banco Santander is selling, in addition to the purchase it made about a year ago of another holding from the Swedish bank Hoist.
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