Elite Estate: Spain’s Banco de Sabadell Sells Office Buildings Worth $539 Million

Spain’s real estate market is not really doing well, and this can be seen in the recent developments that are happening in the country. Spain’s Banco Sabadell will sell property worth 539 million dollars to British real estate investment group Moor Park Capital Partners. The bank will make a capital gain as well, and that would amount to 265 million Euros.

However, the deal consists of 378 buildings in Spain and most of them are offices and buildings. You might remember that last September Spain’s second largest bank BBVA sold 948 properties to a Deutsche Bank investment fund for 1.15 billion Euros. Banco Sabadell revealed that the institution has suffered heavy losses lately, and the profits have come down by 22.5 percent at 522.4 million Euros.

The 539 million dollars worth property would certainly be developed well by the Moor Park Capital Partners as office buildings and also as commercial complexes. It is interesting how Spain’s real estate market needs Britain and Germany to save it from collapsing entirely. Banco Sabadell may use the money to recover losses which it has been facing for the last couple of years since recession began.

Via: France 24

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