Miami’s H.I.G. pays $133M for foreclosures in Spain

Miami-based private equity group H.I.G. Capital will buy a majority stake in a package of 939 foreclosed homes in Spain known as Project Bull, the Wall Street Journal reported.

H.I.G.’s Bayside Capital purchased a 51 percent stake in the fund, valuing the property portfolio at €100 million ($133 million), the Journal said. Spain’s government-run asset-management firm known as Sareb will retain a 49 percent stake, and said it was their first big property deal.

“The quality of the bids submitted shows the confidence that investors have in Sareb and in the recovery of Spain’s real-estate market,” Belén Romana, president of Sareb, told the Journal.

Sareb was set up by Spanish officials as part of last year’s €41.3 billion European Union bailout of the country’s banks. [WSJ] — Emily Schmall