The
Castellana 200 property -- two office buildings totaling 20,300 square
meters (219,000 square feet) and a 6,200 square meter retail mall -- was
put up for sale by banks including Banco Santander SA, Banco Bilbao Vizcaya Argentaria SA and the Bankia Group.
Pimco, one of the world’s largest asset managers, is joining Blackstone Group LP and Goldman Sachs Group
Inc. in investing in Spanish real estate as the economy recovers.
Government policy changes have made the property market more attractive
to overseas investors.
Officials from Pimco and Perella Weinberg declined to comment.
Pimco,
based in Newport Beach, California, will own as much as 12.5 percent of
Lar Espana Real Estate Socimi SA after the company sells shares to the
public for the first time next month. Lar Espana will become a Socimi,
Spain’s version of a real estate investment trust.
Property Buys
Investment
firms including Blackstone and Goldman Sachs have been buying real estate in Spain after home prices fell more than 45 percent from their
2007 peak. Grupo Lar, along with Fortress Investment Group LLC, bought more than 1,000 homes from Spanish bad bank Sareb in December for 146 million euros.
Investment
in Spain by funds, private-equity firms and financial-services
companies totaled 13.9 billion euros in 2013, according to Madrid-based
debt-restructuring firm Irea. About 37 percent of the money was spent on
real estate assets and that figure is expected to increase this year as
special emphasis is put on the property market, according to Chief
Executive Officer Mikel Echavarren.
Source: sfgate.com
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