npl-reo Market News: Spanish Real Estate Intelligence

The eighth month 2021, saw fewer new developments than in July, although there were significant transactions, especially in the Barcelona office market.

Ktesios, which has just completed an expansion to buy more assets, has secured the assignment of a mortgage loan in the foreclosure process, secured by residential properties valued at €3.5 million.

July was an important month for the real estate sector in Spain, where we saw an array of transactions in the logistics, office and hotel sectors. One of the most recent saw Aedas acquire the developer Áurea Homes, while the major listed companies unveiled their returns for the first half of the year.

Sixteen opportunistic funds had been bidding for the loans at a 90% discount on face value.

The loans have eleven hotels and an office as collateral and are up to date with payments, so any discount on the sale would be small.

The fund has filed for arbitration at the International Chamber of Commerce, in which it will claim back part of the assets purchased from the bank.

It’s Santander’s first sale of the kind since the outbreak of the pandemic. It is planning more.

June was an important month for the sector in Spain, as a series of transactions for hotels and logistics assets were finalised, along with announcements of new developments.

The Catalan bank has commissioned KPMG to sell a portfolio of non-performing mortgages comprising 4,500 properties valued at 576 million euros.

The bank is bidding for the Italian bank Intesa Sanpaolo’s €1.1 billion portfolio through its Deva Capital platform.