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Building Center Sells Five Properties to TPG For the Total of €43 Mn

31/07/2014 – Expansion

Building Center has closed the first sale of several real estate asset portfolios currently up for sale. The branch of CaixaBank has sold a package of five buildings to U.S. fund TPG for a joint €43.5 million.

They are two blocks of apartments located in Madrid and three commercial properties in Tenerife, Pamplona (Navarre) and Majorca.

TPG was selected by CaixaBank to share holding of the bank´s property servicer Servihabitat. The firm earned €106 million during the first half of the year, up 26%. Servihabitat manages a €43 billion worth of assets belonging both to Criteria, another arm of La Caixa, and to Building Center gathering CaixaBank´s foreclosures.

Building Center decided to speed the asset sales up by creating several portfolios of finished but still empty homes, dwellings for rent and land.

At the end of the first half of 2014, the company was disposing of a €6.75 billion in repossessed assets with a 53% coverage. In six months, it sold 11.456 properties for the total of €1.21 billlion, by 10% more.

 

Original article: Expansión (by S. Saborit), Ascri