Spanish Bank Bankia Expected to Sell EUR4.8 Billion of Real Estate
One of largest banks in Spain - Bankia SA is getting ready to sell 4.8 billion euros ($5.4 billion) of residential and commercial property in the country as overseas investors
return to the nation’s real estate market.
The Madrid-based lender is offering 3.3 billion euros of residential properties, 1.1 billion euros of commercial units and land valued at 400 million euros, according to a document sent to investors by Credit Suisse Group AG, which is advising Bankia on the deal.
Investment in Spanish property sharply increased to 17.8 billion euros last year from 4.9 billion euros in 2013, according to data compiled by Irea. Housing prices in Spain in 2014 posted their first annual increase since 2007 as the local market recovers from the worst recession in the country’s democratic history.
Read more on this story by bloomberg.com here.
Spanish banks have a huge amount of repossessed real-estate properties on their books. According to an estimate made by the Moody's Investors Service these assets are worth about €100 billion, writes the Wall Street Journal.
The financial institutions are eager to offer deals to accelerate foreclosure sales as they prepare for the upcoming balance-sheet review by the European Union regulators later this year.
For more details on this issue visit this page by one of the new Spain real estate property portals www.topspanishhomes.com.
The Madrid-based lender is offering 3.3 billion euros of residential properties, 1.1 billion euros of commercial units and land valued at 400 million euros, according to a document sent to investors by Credit Suisse Group AG, which is advising Bankia on the deal.
Investment in Spanish property sharply increased to 17.8 billion euros last year from 4.9 billion euros in 2013, according to data compiled by Irea. Housing prices in Spain in 2014 posted their first annual increase since 2007 as the local market recovers from the worst recession in the country’s democratic history.
Read more on this story by bloomberg.com here.
Spanish banks have a huge amount of repossessed real-estate properties on their books. According to an estimate made by the Moody's Investors Service these assets are worth about €100 billion, writes the Wall Street Journal.
The financial institutions are eager to offer deals to accelerate foreclosure sales as they prepare for the upcoming balance-sheet review by the European Union regulators later this year.
For more details on this issue visit this page by one of the new Spain real estate property portals www.topspanishhomes.com.
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