Spanish National News
SPAIN’S BAD BANK REORDERS SALE OF SPANISH PROPERTY
Spain’s bad bank, Sareb, has failed to achieve the prices it expected in its first sale of commercial Spanish property. The bank received over 30 offers for the portfolio of properties which were on offer but each of them were lower than expected.
Bid…
Spain’s bad bank, Sareb, has failed to achieve the prices it expected in its first sale of commercial Spanish property. The bank received over 30 offers for the portfolio of properties which were on offer but each of them were lower than expected.
Bidders of the debt include US private equity groups Lone Star, Apollo, Cerberus, Centerbridge and Fortress.
Sareb was created in 2012 in order to help reduce the liabilities of some of Spain’s worst performing banks. Around 50 billion Euro of toxic real estate assets was absorbed as part of Spain’s European bailout. The toxic assets of lenders such as Bankia were transferred onto the balance sheets of Sareb.
Analysts believe that the renewed interest in Spanish debt from foreign investors is a sure sign that the economy is finally beginning to pick up and that its health is now beginning to improve.
Spain’s GDP grew by 0.1 % in Q3 of 2013 after nine consecutive quarters of poor results. Around 9 billion Euro of loans have been sold in Spain so far in 2013, equivalent to the whole of 2012, and an increase from less than 1 billion Euro in 2010.
Filed under: http://www.theleader.info/article/41141/
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