Since the beginning of the year, the assets’ sales volume has already reached 73.500 million euro, and at by end of the year it should reach 90.000 million euro.
David Alonso, Research director at BNP Paribas España, explains, quoted by Cínco Días, that «the pressure ECB is placing over financial institutions to prevent them from speculating with the assets they have in their balance sheets is generating sales of large residential assets’ portfolios».
The largest operations that took place this year, concern the sale of project Quasar, by Santander, to Blackstone, for 30.000 million euro, or the sale of Proyecto Marina by BBVA to Cerberus, for 13.000 million euro. Note should also be given to the sale of 80% of CaixaBank’s real estate business to Lone Star for 12.800 million euro. The newspaper remarks that these numbers reflect only the nominal value for these assets, since the funds acquire them with an average discount of 65%.