Banking continues to drop real estate ballast, taking advantage of the appetite of foreign investors for Spanish brick. In these last weeks of the year the decision-making and the closing of agreements are accelerating, and the last one comes from the hand of Unicaja.
The financial group has confirmed to the National Securities Market Commission (CNMV) that it has transferred 75% of two holding companies of real estate assets to Axactor, a Norwegian firm specialized in debt management. It is, in short, a portfolio that contains more than 4,000 properties.
Although the amount to which the operation has been closed has not been exceeded, the sale of the shares represents for Unicaja a reduction of gross foreclosures amounting to 252 million euros, amounting to 1,190 million euros during the last year. Thus, only in the last 12 months, the entity has reduced its volume of unproductive assets (adjudicated and doubtful) by 21%.
The bank’s agreement with the Norwegian firm also envisages entrusting management and marketing to Acquired Property Management (GIA), the Unicaja company specialized in managing and selling real estate.
In the final stretch of the year are accelerating operations in the real estate sector. Only in recent weeks BBVA has closed the sale of its real estate company Anida to the US investment fund Cerberus, which has also become the majority shareholder of the Inmoglaciar developer group.=
The above article was written and published in Spanish and has been translated into English. Click here to read the original article.