npl-reo Market News: Spanish Real Estate Intelligence

The Galician entity has sold the North American fund a 250 million euro portfolio of mortgages affected by the crisis, in a process known as Project Eume.

The bank chaired by Carlos Torres is seeking to divest loans and real estate worth 500 million euros in an operation known as Project Dakar.

The entity chaired by Josep Oliu and the North American fund are negotiating the sale of a portfolio of toxic mortgages, valued at around 500 million euros, which could be closed before the beginning of 2021.

The entity chaired by Josep Oliu has sold the last of the assets that it inherited from CAM to the US investment firm for 130 million euros.

Quasar, the real estate company owned by Santander and Blackstone, recorded losses of 1.2 billion euros in 2019, due to the impairment of assets, compared to a profit of 1.0 billion euros in 2018.

The outstanding balance pending repayment at the end of November was 54.5 billion euros, according to data published by the Bank of Spain.

The economic crisis caused by Covid could double the current stock of bad loans in Spain to 160 billion euros.

Through their JV Quasar, the companies have launched the sale of a portfolio of loans from Banco Popular consisting of seven hotels and a shopping centre.

The bank has launched Project Dakar to divest the last remaining unpaid loans that it inherited from the group of former savings banks (Manlleu, Sabadell and Terrassa), which it bought in 2012.

The marketplace for mortgage debt predicts an increase in NPLs relating to commercial assets in 2021, which offer higher returns than residential ones.