Finsolutia wishes to place the damaged assets from banks within reach of the great fortunes. This platform with a Portuguese origin is finalizing the launching of a fund of 50 million Euros for family office that will invest in mortgage portfolios and awarded assets from the Spanish financial institutions.
The aim is to give access to these great patrimonies to assets that require high amounts of investment. The fund, managed by Eurofin Capital, will invest jointly with foreign funds in the acquisition of banking assets that will later be managed by Finsolutia.
Nuno Espirito Santo, founding partner of the platform, explains that “every week three or four international funds, mainly from the U.S., arrive to Spain, searching for opportunities”. “They believe that Spain is the holy land for distressed investments”, he adds.
Espirito Santo reveals that in many occasions these funds return empty-handed to their countries as they await greater discounts in the real estate market, although he admits that “the situation has improved since last year”. The main reason for the revitalization of this market is that financial institutions will be obliged to sell mortgage portfolios due to their ridicule margins.
Finsolutia manages currently 900 million Euros in mortgage and awarded properties portfolios in Spain, Portugal and United Kingdom. (…)