9 May, 2015 @ 09:00
1 min read

Spain’s Bankia to sell off €4.8 billion worth of Spanish property

bankia needs  billion bailout spain according to stress tests

Bankia shares suspendedMADRID-based lender Bankia SA is selling off €4.8 billion worth of Spanish residential and commercial property as international investment rallies.

Spain’s fourth largest bank wants to sell the entire portfolio of €3.3 billion of residential properties, €1.1 billion of commercial units and €400 million of land in one mega deal.

But advisor on the deal, Credit Suisse, says it may be forced to divide it up to facilitate a sale.

Patricio Palomar of realtor CBRE Group Inc. said: “The expection of recovery in the property sector is so high compared with neighboring countries, that there are many investors searching for all kinds of real estate products.”

Investment in Spanish property shot up from €4.9 billion in 2013 to a massive €17.8 billion last year according to consultancy firm Irea.

With house prices in Spain registering their first increase since 2007 last year a the signs are positive.

And as Spain’s risk perception falls, investors are looking to snap up bargains.

Rob Horgan

DO YOU HAVE NEWS FOR US at Spain’s most popular English newspaper - the Olive Press? Contact us now via email: newsdesk@theolivepress.es or call 951 273 575. To contact the newsdesk out of regular office hours please call +34 665 798 618.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Juan Jose Padilla goring
Previous Story

Arguing about the bullfight

rich gibbo michael tabor e
Next Story

Two Gibraltarians on Britain’s Sunday Times rich list

Latest from Business & Finance

Go toTop

More From The Olive Press

Cost of renting property during summer on Spain’s Costa del Sol has risen 128% since 2014

QUIDS IN: Number of Spanish millionaires set to soar

SPAIN now has 1,147,000 millionaires according to Credit Suisse. Following
Puerto Banus e

International investors bid €200 million to buy Puerto Banus

The €200 million deal looks to extend the port's lucrative