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The European loan sales market reached new heights last year, with €113.8bn of non-performing loans been sold, according to Evercore.
Lenders have growing appetite to back Spanish housing schemes as the sector experiences a robust recovery from the last banking crisis.
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The private equity firm’s property lending business has backed Värde Partners’ new hotel brand.
The debt tap to finance Spanish real estate is on. New players have entered the fray and competition to fund the right assets is growing stronger.
Azora and Oquendo Capital have launched a property lending platform in Spain, which is expected to raise €300m for its first vehicle.
The credit arm of the US private equity giant has lent €240m for land purchases to Habitat Inmobiliaria, which it acquired earlier this year.
Political tensions between Catalonia and Spain’s central government have not disappeared, but an upturn in investment activity in the region suggests it is back on the map for investors and lenders.
Around €2bn of non-performing loans have been sold in Portugal so far in 2018, while a further €4.2bn of live deals are being tracked, according to Evercore.
Almost a decade since the launch of the Spanish equivalent to the REIT regime, listed property vehicles are creating significant business in the debt space.
The Spanish REIT, recently bought by Blackstone, has signed a facility maturing in February 2020 with BNP Paribas.
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