Cerberus Completes Purchase of 35,000 Homes from Santander for €1.5bn

19 September 2018 – Eje Prime

Cerberus is strengthening its presence in the Spanish real estate sector with the purchase of a large portfolio of assets from Banco Santander. The US fund has reached an agreement with the financial entity to acquire a package of 35,700 residential properties for €1.535 billion.

The batch transferred by the Spanish bank has a gross value of €2.791 billion. The investment firm has been awarded the package in the end after significantly reducing the figure of €3 billion that it was expected to pay for the portfolio when the negotiations began.

The president of Banco Santander, Ana Botín, said in a statement that the exact percentage of the stakes that each party will hold in the new company that will be constituted following the formalisation of the transaction has not been determined yet. Nevertheless, Cerberus will control between 51% and 80% of the share capital, according to the senior executive.

Botín, who has indicated that the sale will have an “immaterial” impact on the results of the bank, expects the agreement to crystallise completely during the last quarter of this year or the beginning of 2019.

Original story: Eje Prime

Translation: Carmel Drake

Sabadell Plans to Sell Another €2bn Portfolio This Year & Then Solvia Next Year

20 July 2018 – El Confidencial

It has fulfilled its objective. Banco Sabadell has managed to unblock a decade of real estate crisis before going on holiday, thanks to the agreement signed with Cerberus to transfer it €9.1 billion gross in toxic assets and the imminent sale of another portfolio worth €2.5 billion gross to Deutsche Bank.

Those two divestments, together with the sale of €900 million in loans agreed already with Axactor, according to Voz Pópuli, will allow the entity chaired by Josep Oliu to remove €12.5 billion gross in property from its balance sheet. But the bank still needs to undertake a second round of divestments in its strategy to completely finish unlinking itself from the real estate sector.

The Catalan entity still has around €2 billion in toxic assets on its balance sheet, a portfolio that it plans to quickly put up for sale with the aim of also removing it from its balance sheet before the end of this year or during the first half of next year.

Until then, Solvia will continue to manage those properties, something that it will also do with the portfolio sold to Cerberus, given that the transfer included an exclusive management agreement, as well as any assets that the bank forecloses in the coming weeks.

But that interest from the entity in maintaining the link to its real estate asset manager is brief and interested, given that Oliu’s ultimate objective is to also sell Solvia in the medium term.

In fact, several of the funds that bid for the €12.5 billion that Sabadell has just sold asked for Solvia to be included in the process, a request that did not end up being fulfilled for several reasons. On the one hand, due to the price offered, given that the almost €1 billion at which they were valuing the servicer was insufficient for the bank.

On the other hand, because Sabadell whereby retains an ace up its sleeve ahead of the likely consolidation that this sector is going to experience and the growing appetite that exists between real estate funds and private equity firms for the servicers.


From that perspective, although Cerberus has not been able to acquire Solvia now, the fact that it has purchased the bulk of Sabadell’s assets, which are managed by that subsidiary, confers it an advantageous position with a view to the future sales process, which could be launched next year.

That option would allow the merger conservations that were held between Haya and Solvia in the past to resume; those negotiations never ended up bearing fruit, but they have remained in the sector’s imagination ever since.

Ahead of that potential marriage, the management contracts that both servicers have with Sareb will also be key, given that they condition their conversations in various ways.

On the one hand, the sum of these two servicers would result in a position of dominance over the bad bank’s assets, which may cause that entity to break one of the two agreements.

On the other hand, right now, question marks exist over both the renewal of Haya’s contract, the first one to expire, and the plans that Sareb has to accelerate the sale of all of its assets.

The entity chaired by Jaime Echegoyen had engaged Goldman Sachs to transfer the €30 billion in assets that comprise Haya’s portfolio, an operation considered to be the first of several similar moves with the portfolios of the other servicers.

Although the change of Government has left those plans up in the air, and as Sareb awaits to find out the new Executive’s strategy for its business, both Sabadell and Cerberus are also interested in gaining time and seeing how the horizon clears before making their next move.

Cerberus has valued the two portfolios that it has acquired from the bank at €3.9 billion. Their gross book value amounts to €9.1 billion, which means that the operation has been closed with a discount of 58%.

Original story: El Confidencial (by Ruth Ugalde)

Translation: Carmel Drake

Santander to Reduce its Toxic Assets to Zero by September

17 July 2018 – El Economista

Banco Santander is on the verge of saying goodbye to the great burden left behind after the crisis: the delinquent loans and properties. The entity is preparing for the sale this summer of a portfolio of toxic assets worth between €5 billion and €6 billion, which would leave its balance sheet virtually clean of property. The bank headed by Ana Botín is planning to close the operation, which is already underway, before the start of September, according to market sources.

In this way, the entity would manage to get rid of almost all of its leftover real estate in just one year. After acquiring Banco Popular, the bank saw its non-performing assets increase by €41.1 billion. Nevertheless, it found a quick exit after putting the portfolio containing all of Popular’s properties, worth €30 billion gross, on the market.

In August, Santander closed that operation after transferring half of the assets to Blackstone, for a net value of €5.1 billion. The operation saw the two entities, the bank and the fund, create a joint venture to which all of the property was transferred and in which Blackstone holds a 51% stake and the bank the remaining 49% share.

The management of the assets is now in the hands of the fund. The company, which was constituted in the spring of this year, is called Quasar Investment, and also holds the assets that used to be held by Aliseda, the servicer of Popular. Now, the bank is looking to get rid of this final portfolio almost exactly a year later.

At the end of March this year, the last date for which data is available, the bank had a real estate exposure in Spain of around €10 billion, of which 50% was provisioned. The bank already announced at its most recent results presentation that its aim was to leave its balance sheet practically free of those assets during the course of this year.

For the time being, the funds potentially interested in the portfolio include Cerberus, Lone Star and Blackstone. Specifically, those three funds have starred in the largest portfolio purchases from banks in the last year.

In November, BBVA announced the sale of 80% of its property to the fund Cerberus. The entity transferred a portfolio comprising around 78,000 real estate assets with a gross value of €13 billion for a price of €4 billion. In this way, the bank positioned itself as the Spanish entity with the fewest toxic assets on its balance sheet with an exposure of €4.775 billion, accounting for just 1.5% of its total assets in Spain.

CaixaBank has been one of the last entities to announce a major operation. That bank closed the sale of 80% of its real estate on 28 June to the fund Lone Star and it transferred it 100% of its servicer Servihabitat. The gross value of the real estate assets amounted to €12.8 billion, and the net book value was around €6.7 billion. Once CaixaBank has completed the repurchase of 51% of Servihabitat (an operation that was announced on 8 June and whose execution is pending authorisation from Spain’s National Securities and Exchange Commission), the entity will transfer the real estate business to a joint company with Lone Star, in which it will retain a 20% stake.

S&P determined in a report published last Thursday that the Spanish banks are going to struggle to fully clean up their balance sheets of toxic assets despite the accelerated rate of operations that are being carried out. Analysts recognise that, although the entities are increasingly close to putting an end to their delinquency problem, it is going to be hard to completely clear the ground due to the poor quality of the remaining assets.

Original story: El Economista (by Eva Díaz)

Translation: Carmel Drake

Sabadell Set to Sell €10bn of Toxic RE in June After Receiving Deluge of Binding Offers

25 May 2018 – El Confidencial

Banco Sabadell has entered the home stretch of its mission to sell all of its toxic property, a rapid process that is expected to be completed in June. The entity has received a deluge of binding offers for the four portfolios that it currently has up for sale – Coliseum, Challenger, Makalu and Galerna – which have a combined gross value of more than €10 billion.

The first two portfolios contain foreclosed assets (REOs) and include Cerberus, Blackstone, Lone Star and Oaktree as potential buyers (in the final round); meanwhile, the other two portfolios comprise secured loans with real estate collateral (NPLs) and their potential buyers include Deutsche Bank, Lone Star, Bain Capital and Oaktree, according to confirmation from several market sources.

These proposals are now with the Steering Committee, which means that, once that body has given its verdict, the process will be passed to the Board of Directors, chaired by Josep Oliu (pictured above, right), which is the body that has to ratify the name of the winner.

In theory, this ruling is going to be issued within a matter of weeks, in June and, in any case, before August. Sources at the entity have declined to comment on either the finalists or the calendar.

Portfolios and the FGD

Having chosen the names of the winners, Sabadell will be able to close the sale of Challenger, the largest of all of these portfolios, with a gross volume of almost €5 billion; it is the only one that does not need approval from the Deposit Guarantee Fund (FGD), given that all of the assets contained therein come from the Catalan entity itself.

By contrast, the €2.5 billion in properties that comprise Coliseum come from the former entity CAM – Caja de Ahorros del Mediterráneo – and, therefore, need to be approved by the FGD, since it would have to cover 80% of the losses. The same applies to Makalu (€2.5 billion in loans) and Galerna (€900 million).

The need to receive this approval means that it is likely that the entity will have to wait until next year to deconsolidate all of these toxic assets, although it will be able to sign a sales agreement conditional upon that authorisation, like BBVA did in the case of the sale agreed with Cerberus last year to transfer all of its property, some of which is also subject to the FGD’s approval.

By contrast, this year, Sabadell could remove almost €5 billion in the form of Challenger from its perimeter, a step forward in terms of fulfilling the requirements of the European Central Bank (ECB), which is putting pressure on Spanish entities to remove the impact of a decade of real estate crisis from their balances sheets.

Solvia is being left out of the sale

At the end of the first quarter, the entity held €14.9 billion in problem assets, down by 17.6% compared to a year earlier, with an average coverage ratio of 55.2% (56.6% for doubtful debt and 53.7% for foreclosed assets), a percentage that serves as a reference for the funds when calculating their offer prices.

With the sale of all of these portfolios, the entity would reduce its real estate exposure to less than €5 billion.  Since the beginning of the crisis, that exposure has been managed by Sabadell’s own servicer: Solvia.

Some of the finalist funds had asked the entity to include Solvia in the transaction, according to Voz Pópuli, but in the end, that possibility has been ruled out by the bank, as it considers that the valuation of its asset manager is higher than the price that would be offered by funds.

In addition, as El Confidencial revealed, the servicer has created its own property developer, Solvia Desarrollos Inmobiliarios, which has €1,252 million in managed assets and which is also finalising an agreement with Oaktree to create a joint venture promoter.

Original story: El Confidencial (by Ruth Ugalde)

Translation: Carmel Drake

Top 5 Socimis’ Earnings Soared by 70% in 2017

1 March 2018 – Expansión

Spain’s large listed Socimis – Merlin, Colonial, Hispania, Lar España and Axiare – are continuing their rise. They closed last year with a combined profit of almost €2.4 billion, which represents an increase of almost 70% with respect to the previous year, after increasing their revenues from rental income by 20%, to €1.1 billion.

These companies, which, with the exception of Colonial, made their debuts on the stock market between March and July 2014, now own assets worth almost €26.4 billion, which represents an increase of 17% with respect to the previous year. The five Socimis also have a combined market valuation of €13.4 billion.

The stars of the year were, once again, the Socimis on the Ibex. Specifically, Merlin doubled its earnings in a record year, to exceed €1.1 billion, whilst Colonial earned €683 million, up by 149%.

The firm led by Ismael Clemente generated a recurring profit – proceeding from the core business – of €289 million, up by 31%, and increased its revenues by 34%, to €470 million. Merlin’s asset portfolio had a gross value of €11.3 billion.

Meanwhile, Colonial, which is going to merge with Axiare during the second half of this year following its successful takeover, recorded a 22% increase in recurring profits, to reach €83 million, boosted by rising rents, a better financial result and a lower corporation tax charge due to its conversion into a Socimi in May last year.

Unlike its rivals, Hispania saw a reduction in its profit of 27% to €228 million, after recognising provisions amounting to €95 million for the payment of incentives to its management firm Azora. Moreover, the company in which George Soros owns a stake registered a negative impact in its accounts amounting to €46 million due to the payment of incentives and the cancellation of guarantees following the purchase from Barceló of 24% of Bay for €172.4 million.

Hispania, which increased its revenues by 9.5% last year, had a portfolio of assets with a gross value of €2.5 billion at the end of the year, compared with €2.0 billion at the end of the previous year.

Meanwhile, the Socimi specialising in retail, Lar España, earned 48% more, at €136 million, thanks primarily to the performance of its shopping centres. The company recorded revenues from rental income of €77.6 million in 2017, up by 29%, and has announced divestments of non-strategic assets amounting to €470 million, including offices, residential properties and logistics assets, in processes that are already underway.

Meanwhile, Axiare’s net profit soared by 47% last year, to €218 million. The Socimi, controlled by Colonial since January, closed 2017 with turnover of €69.7 million, up by 36.6%, and assets worth €1.8 billion.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

BBVA Sells Most of Real Estate Business to Cerberus for €4bn

29 November 2017 – Reuters

Spain’s BBVA said on Wednesday that it had agreed to sell 80% of its real estate business to US fund Cerberus for €4 billion ($5 billion), showing how investor enthusiasm for Spanish property is reviving.

A burst property bubble in 2008 sent Spain into a downturn that lasted for nearly five years, causing mass unemployment and prompting a more than €40 billion bailout for the country’s banks.

The economy returned to growth in 2013 and has outperformed the rest of Europe since then, helping to revive residential construction as house prices pick up, which has started to attract foreign investors back into the market.

The BBVA real estate assets included in the deal have a gross book value of some €13 billion, Spain’s second-largest bank said in a statement.

BBVA said the whole portfolio was valued at €5 billion, with the price involving a discount of 61.5%, in line with the coverage ratio for its foreclosed assets.

As at the end of September, BBVA had a non-core real estate property portfolio with a gross value of around €17.8 billion, of which the bulk were foreclosed assets worth around €11.9 billion.

The deal is the largest since Santander sold control of property worth €30 billion to the US investor Blackstone Group in August.

Santander sold its portfolio at a net value of €10 billion after a discount of around 66%.

The rebound in the property market has also allowed Spanish banks to tackle toxic balance sheets faster than rivals in Italy. Banks in Europe are under pressure to reduce soured loans after new guidelines on this from the European Central Bank announced last month.

Analysts at broker Keefe, Bruyette & Woods viewed the transaction as a positive step towards reducing BBVA’s non-performing assets ratio (non-performing loans and foreclosed assets) from 7.2% to 4.5%.

BBVA’s shares were up 1.94% at 1150 GMT, compared with a rise of 1.6% on the European STOXX banking index SX7P.

At a group level, BBVA has non-performing assets worth around €33 billion on its balance sheet – of which around €25 billion are in Spain.

Since 2015, BBVA’s real estate business has generated losses of €1.37 billion.

BBVA said it would retain control of 20% of the real estate portfolio, which it said would be exclusively managed by Cerberus’s Haya Real Estate.

The bank said the deal was not expected to have a significant impact on profits and would have a slightly positive impact on the fully loaded core tier 1 capital ratio (CET1), a measure of financial strength.

It also said that once the transaction was completed in the second half of 2018, BBVA would have the lowest relative real estate exposure among the main Spanish financial institutions.

Original story: Reuters

Translation: Carmel Drake


Santander Wants To Sell RE Assets Worth €6,000M In 1 Year

30 October 2017 – Voz Pópuli

Banco Santander does not want to stand idly by following the sale of Banco Popular’s real estate. After the completion of that operation (the largest ever real estate transfer in Spain), the entity chaired by Ana Botín wants to continue accelerating its real estate clean up. In this way, it plans to reduce its real estate exposure by more than €6,000 million over the next year.

That would mean that Santander’s real estate balance would decrease by half, given that it currently amounts to around €12,300 million in gross terms (excluding provisions).

According to the bank’s CEO, José Antonio Álvarez, speaking at the results presentation, the objective is for the entity’s real estate exposure “to be immaterial” by the end of 2018.

This immateriality means having a net balance of between €1,000 million and €2,000 million left on the balance sheet within 14 months, besides the rental properties, explained the banker. That, in turn, means selling around €6,000 million (in gross terms) and leaving around €6,000 million on the balance sheet.

The numbers

In this way, Santander España’s net exposure to the real estate market is €5,900 million. The entity has an average coverage ratio of 52% over these assets, which means that their gross value is €12,300 million.

Of those €5,900 million, €3,372 million are foreclosed assets, €1,203 million are rental properties and €1,325 million are delinquent real estate loans.

In August, Santander agreed to transfer almost €30,000 million (in gross terms) of Popular’s property to Blackstone. Specifically, the bank sold 51% of a new real estate company, for €5,100 million and retained ownership of the remaining stake.

In terms of the rest of the real estate assets on its balance sheet, Santander could undertake similar operations, although it will also continue to analyse sales through the retail network and the option of putting properties on the market through Socimis. Both the Spanish bank and its competitors are under pressure from the ECB to get rid of the real estate on their balance sheets as soon as possible.

Meanwhile, Santander is negotiating with Värde Partners, owner of 51% of WiZink, to repurchase Banco Popular’s customer card business and to sell it Barclays and Citi’s business in return.

Original story: Voz Pópuli (by Jorge Zuloaga)

Translation: Carmel Drake

Santander Could Earn Up To €630M From The Sale Of Popular’s RE

14 July 2017 – Expansión

Santander will make a profit from the clean-up of Popular’s balance sheet. The bank may earn up to €630 million from the sale of its foreclosed assets and doubtful real estate loans, which have a gross value of €30,000 million. The bank’s real estate risk, according to the European authorities, amounts to almost €37,000 million, including the stakes in real estate companies, which amount to around €7,000 million.

These profits will be obtained in the best of the possible scenarios considered by Citi in a report published this week. The North American investment bank was responsible for advising Santander during its purchase of Popular, which ended up being closed for the symbolic price of one euro.

Santander plans to divest all of Popular’s non-performing assets within three years. But Citi thinks that it will have to offer discounts of between 15% and 20% on the net value of the assets to incentivise bids from investment funds and private equity firm, amongst others. The net value of the assets amounts to around €9,300 million with a provisioning level of 69%.

Financial sources believe that Santander will accelerate the sale of Popular’s more impaired properties to clean up that part of the balance sheet before the end of this year. In this way, it may recognise juicy accounting profits, according to the sources. Popular’s real estate portfolio contains €10,500 million in land, hotels and more than 25,000 homes, according to the latest available figures. Half of the properties are located in Andalucía and Valencia.

Ana Botín has set the goal of getting rid of half of Popular’s non-performing assets within a year and a half.

Clean up

To clean up Popular’s toxic assets, Santander is undertaking a capital increase amounting to €7,072 million. The bank will recognise a provision against €7,900 million of Popular’s non-performing assets to increase the coverage level of the real estate risk from 45% to 69%. The average coverage level in the sector is 52%, which is why financial sources say that Santander is likely to mark a milestone that has not been seen in the Spanish banking sector for years: it looks set to sell property at a profit.

Santander is negotiating with the funds to divest Popular’s non-performing assets. It is studying the possibility of creating one or more vehicles to separate the risk linked to property from the acquired entity. Morgan Stanley is advising the bank on the clean-up plan. Some funds, such as Blackstone, Apollo, Bain Capital and Lone Star have approached the bank to understand its strategy.

Santander forecasts that its purchase of Popular will generate cost synergies of around €500 million from 2020 onwards, although Citi elevates that figure to €606 million. The investment bank considers that Santander is being too conservative in its calculations of the return on investment and its impact on earnings per share.

According to Citi, the purchase of Popular will generate a return of 24% for Santander in 2020 in the best-case scenario, above the 13-14% forecast by the entity. And it estimates that the operation will allow Santander to increase earnings per share by 6% in three years, compared to the forecast of 3%.

Leader in Spain

The resultant entity will rise to the top of the market in terms of assets (almost €470,000 million), deposits (€255,000 million) and loans (€249,000 million). (…).

Original story: Expansión (by R. Sampedro)

Translation: Carmel Drake

Metrovacesa Puts Merlin On The Shopping Centre Map

29 November 2016 – Expansión

Ismael Clemente presented an ambitious proposal to his shareholders on 15 September 2016. The Socimi, which debuted on the stock market in July 2014, without any assets on its balance sheet, submitted the decision to absorb the traditional real estate company Metrovacesa, to the scrutiny of its investors, led by Santander and BBVA (…).

And having obtained the general support of the shareholders, Clemente is now working on managing the largest real estate company in Spain and one of the largest in Europe, with assets worth €9,400 million and annual gross revenues of €450 million. “The immediate focus is to successfully complete the post-merger program with Metrovacesa, which was registered on 26 October 2016 and whose shares have now been admitted for trading. Technically and legally, the operation has been completed, but now the business side begins, with the launch of three workstreams to manage the integration of the systems, human resources and operations”, said Clemente.

The Executive…defines Metrovacesa’s portfolio as “fantastic”. “And that’s not a coincidence, it is a historical company. It has been punished by relative inactivity in recent years, but it has a incredible intrinsic quality”.

Critical mass

Clemente highlights Metrovacesa’s shopping centre portfolio as the key to understanding the transaction. “For us, the over-riding purpose of the operation is, above all, the shopping centres, which clearly put us on the map. Before, we were in the middle of nowhere and now we have sufficient critical mass to allow us to negotiate better with our commercial operators. We have also grown in the office segment, and although that was not a primary objective, the purchase of Metrovacesa places us in a completely different class in terms of space (in m2), in spectacular locations, which really strengthens the position of leadership that we already held”.

Through the integration of Metrovacesa, Merlin has incorporated 14 shopping centres into its portfolio, worth more than €1,000 million, placing it second in the market behind only Unibail-Rodamco; as well as 37 office buildings covering 574,781 m2, worth €1,835 million.

In terms of challenges for next year, Clemente has earmarked making improvements to the occupancy rates of the offices it has inherited from Metrovacesa and acting “decisively” with respect to its shopping centres to secure occupants and sales.

In addition, Merlin will also look to either create a specialist Socimi or sell its portfolio of hotels as a whole. “We will analyse the book value and decide whether a direct divestment of the portfolio as a whole is possible. If not, we will probably decide to create a subsidiary, look for partners and constitute a company, with a majority, minority or equal stake shareholder structure”.

Following the integration with Metrovacesa, Merlin has 24 hotels with a gross value of €654 million. By number of rooms, the union between the two companies has given rise to a hotel leasing giant with almost 4,500 rooms, behind only Hispania.

In addition, he points to a surprise benefit from the operation with Metrovacesa: the strengthening of Testa Residencial, the subsidiary created with residential assets proceeding from the purchase of Testa: “A by-product has emerged, which has a life of its own. At first, we were exploring the market for potential buyers but, now, we are talking with our shareholder banks and other firms because we believe that this vehicle has the potential to be the star of the residential rental market in Spain”.

Original story: Expansión (by R.Arroyo and R. Ruiz)

Translation: Carmel Drake

Merlin Considers Creating New Hotel Socimi

15 November 2016 – Expansión

Merlin is going all out following its merger with Metrovacesa and is now busy exploring new market niches. The new real estate giant is analysing alternative options for the sale of its non-strategic assets, and now that it has set the future of its residential business on course, it is searching for a solution for its hotel portfolio – one option includes creating a new specialist Socimi to compete in the market.

“We will analyse the book value of our assets and we will determine whether a block sale from the portfolio is possible. If not, because the cost of capital of the potential buyers is very high, then we will probably opt for a solution that is similar to the one we have applied to the residential business. We will create a subsidiary, we will look for partners and we will constitute a company, in which we hold a majority, minority or equal stake, to serve as an owner of urban hotels”, explains Ismael Clemente, CEO of Merlin.

Following the integration with Metrovecesa, Merlin has gone from having 12 hotels worth €398 million, to owning 24 hotels with a gross value of €654 million. In this way, the new Merlin has multiplied the value of its hotel assets by 1.6x following the integration. By number of rooms, the union between Merlin and Metrovacesa has given rise to a giant hotel company with almost 4,500 rooms and a gross yield of 5.8%, according to the most recent data available.

In terms of its main rival in the sector, Hispania, Clemente says that “if there are any solutions that we can find together, we would be delighted to explore them”.

Merlin is now beginning a new phase in its journey, having created a business with assets worth €9,500 million in just two years. (…).

The listed real estate company, the only one to feature in the Ibex 35 following Colonial’s departure in 2008, faces a difficult year ahead with the major task of integrating Merlin and Metrovacesa’s teams. “By the end of the first quarter, the integrated team will work together in one location, which will not be where either of them are currently based”.

In addition, one of Merlin’s other challenges for 2017 is to dramatically improve the occupancy rate of the offices that it has inherited from Metrovacesa, as well as to perform a “significant” intervention in the shopping centres of both companies. (…).

Growth in housing

In terms of its plans for Testa – the subsidiary that owns the Socimi’s rental homes – Clemente says that, at the moment, the firm is holding conversations with other companies, as well as with its shareholder banks, with the aim of increasing its portfolio by incorporating new assets.

“We think that this vehicle has the potential to become a major player in the professional market for residential rental properties in Spain. The vehicle could own between 9,000 and 10,000 homes by the end of 2017”. (…).

Original story: Expansión (by R.Arroyo and R.Ruiz)

Translation: Carmel Drake