MADRID, Spain, November 19, 2010 – Drago Capital (“Drago”) and an affiliate of Cerberus Capital Management, L.P. (“Cerberus”) announced today the completion of the acquisition process of a real estate portfolio consisting of 97 bank branches from Caja Madrid in a sale and 25-year lease back transaction. Caja Madrid is the fourth largest Spanish financial group.

The financing for the transaction is being provided by Banco Santander, La Caixa and Natixis. Cushman & Wakefield was responsible for the valuation of the branches. Gómez-Acebo & Pombo and Ashurst served as legal advisers to Drago and Cerberus. Linklaters advised the financing banks.

A spokesperson at Drago, commented: “We are very satisfied to complete this transaction with Caja Madrid, one of Spain’s leading financial institutions. Reaching a mutually beneficial agreement for the acquisition of this high-quality real estate portfolio is a gratifying achievement. In addition, we are pleased to have Cerberus, one of the world’s leading private investment firms, as a partner in this transaction, and we hope to partner with them on additional investments in Spain in the future.”

Timothy F. Price, Managing Director at Cerberus, stated: “Cerberus is pleased to be making this investment in a high-quality portfolio of Spanish properties. Drago Capital and Cerberus worked together with Caja Madrid to reach a real estate investment agreement that benefits all parties.”

Drago is a real estate investment company based in Madrid, and Cerberus is a global private investment firm.

About Drago Capital
Drago Capital is a real estate investment and management company that invests in the Iberian market. The company currently manages a Eur 2.6 billion portfolio comprised mainly of commercial real estate assets. The portfolio includes, among other assets, three buildings (two in Madrid in Gran Vía, 32 and Miguel Yuste, 40 and one in Barcelona in Caspe, 6) which are the headquarters to various media companies belonging to Grupo Prisa, as well as 1,152 branches leased to Banco Santander.

About Cerberus Capital Management
Established in 1992, Cerberus Capital Management, L.P., along with its affiliates, is one of the world’s leading private investment firms with approximately $23 billion under management. Through its team of investment and operations professionals, Cerberus specializes in providing both financial resources and operational expertise to help transform undervalued companies into industry leaders for long-term success and value creation. Cerberus is headquartered in New York City with affiliate and/or advisory offices in the United States, Europe, the Middle East and Asia.


For Drago Capital:
Abigail Diaz-Agero or Juan Carlos Bolland
COMCO, La Compañía de la Comunicación
+34 (91) 436-1800 or

For Cerberus Capital Management:
Bronwyn Daly
+44 (0) 207-067-0729

Cerberus Media Line
(212) 891-1558