Spanish authorities managing bad assets bought during Spain's real estate collapse revealed they have sold Project Bull to a United States-based private equity firm. Project Bull is a package of 939 homes across the country. H.I.G. Capital and the Spanish officials agreed on a deals that will see H.I.G. acquiring a majority stake in Project Bull. The sale had been one of the most closely monitored real estate deal in Europe this year.

Spanish officials stated the property transaction valued the portfolio at around EUR100 million or US$133 million. The officials added the properties were first transferred to a Bank Asset Fund. The Bank Asset Fund provided a favorable tax system for investors. H.I.G.'s Bayside Capital then arranged to acquire a 51% stake in the Bank Asset Fund. Sareb, a government-run investment management company, will maintain its 49% in the fund.

Other private equity companies that joined the bidding included Apollo Global Management LLC, Lone Star Funds, and Colony Capital LLC, among others.