Goldman Sachs & Bankia Negotiate on Sale of 38 Properties

23/10/2014 – Bloomberg

Having asked around the deal, Bloomberg reports that Goldman Sachs is in talks to purchase 38 properties from Bankia, including houses and office buildings in a transaction amounting to €300 million.

Specifically, the portfolio called Project Lake consists of 27 blocks of flats and 11 office units.

Spanish banks are trying hard to shed their REO burden totalling at €40 billion, encouraged by rock-bottom prices and return of investors.

Last year, New York-based Goldman Sachs and its Spanish partner Azora acquired a portfolio of apartment blocks and subsidized housing developments from the Community of Madrid.


Original article: Bloomberg (by Sharon Smyth & Macarena Munoz)

Summary: AURA REE