Wednesday 29 May 2013

KPMG to assist in Spanish Property Sale

Spain’s so called “bad bank” Sareb has hired financial consultancy firm KPMG to sell the first batch of its distressed property stock to institutional investors.  The property, at least initially, will stay out of the retail market as Sareb tries to get the sale process off to good start by selling in bulk to large-scale funds looking for yield.

Interested parties are thought to include private equity firms Leon Black’s Apollo Global Management LLC (APO), Thomas Barrack Jr.’s Colony Capital LLC and billionaire Wilbur Ross.

The properties, secured from rescued lenders, are based in Andalucia and Valencia and represent some of the better stock on Sareb’s books as it bids to sell the first segment of the 200,000 plus units it has on its books.

According to Bloomberg, the bank now has assets worth over 50 billion euros which includes 38 completed developments and at least one off-plan project.  The stock was bought with average discounts ranging from about 46 percent on loans to as much as 80 percent on land purchases, from eight Spanish banks.

The good news for agents is that most of the initial stock, which is likely to be the most competitive, will not reach the resale market in the short term and the rest of its stock will be release slowly.  Sareb has pledged to sell 45,000 properties over the next 5 years and the remainder over the next fifteen.

Source: Global edge

Wednesday 8 May 2013

Low Cost Festival 2013


Just a little off-topic (in terms of property that is) but here is the line-up for this years Low Cost Festival in Benidorm with headline acts Portishead and Glasvegas recently announced. A great weekend of music for sure.



Tinsa €/m2