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Lenders have growing appetite to back Spanish housing schemes as the sector experiences a robust recovery from the last banking crisis.
Barcelona’s office sector could be hit if Catalonia’s push for secession continues.
Spain’s ‘bad bank’ is selling a pool of non-performing residential loans with a face value of around €400 million in a pilot scheme.
Germany’s Deutsche Hypothekenbank (Deutsche Hypo) is preparing to resume lending in Spain, a market it pulled back from in 2013.
Sales at Banco Popular and BBVA, however, are a substantial chapter in the country’s broken debt clean-up story, writes Juan Barba, managing director at Meridia Capital.
The New York-based firm will finance the deal mostly through debt as it uses equity from its €7.8 billion Europe V fund.
Bain Capital Credit has taken its first step into the Portuguese market with the acquisition of real estate loans that have a total outstanding balance of €476 million from a local bank, as well as loans from a Spanish bank at a par value of €489 million.
Deutsche Bank has added to its Spanish real estate debt exposure with the purchase of a portfolio of development loans with a face value of around €400 million.
ING Real Estate Finance has provided a €280 million loan to finance the purchase of a prime Madrid office tower by the billionaire Philippines-based investor Andrew Chan, Real Estate Capital can reveal.
Almost all lenders expect new European originations to increase or remain stable in the next six months. Some 91% of debt providers contacted by DTZ said their origination volumes will grow or remain the same in the six months to end of September 2015 compared to the previous six-month period. A similar proportion believe the same for refinancing as values continue to recover.
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