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Barcelona’s office sector could be hit if Catalonia’s push for secession continues.
The debt package has a loan-to-value ratio of around 65 percent.
The portfolio is made up of €342 million in residential assets, land and work-in-progress properties amounting to €180 million and retail assets worth €80 million.
Real estate market players investing in Spain through equity or debt should be aware that the struggle over Catalonian independence is not a minor setback.
Deutsche Hypo will open a new office in Spain this year, as the German bank prepares to re-enter a market from which it pulled back in 2013.
Sales of real estate loans and lender-owned properties look set to surpass the €85.9 billion 2015 market peak this year, on the back of large-scale loan sales and securitisations of non-core debt in the Spanish and Italian markets.
Non-performing loan sales in Portugal look set to ramp up to almost €2 billion in 2017, according to the latest research from consultancy firm Prime Yield, which is based in the country.
JPMorgan has provided a €150 million bridge loan to accelerate Spanish land acquisitions by local developer Neinor Homes.
Bain Capital Credit has acquired a portfolio of non-performing loans (NPL) with a nominal value of €385 million from the Italian bank Banco Mediocredito del Friuli Venezia Giulia, according to Real Estate Capital’s sister title, Private Debt Investor.
Allianz Real Estate has made its first debt investment in the Italian market, participating in the financing of a mixed-use property in central Milan, arranged by French bank Natixis.
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