BBVA puts hotel and commercial assets on the market - report

Spanish bank Banco Bilbao Vizcaya Argentaria is reportedly selling two real estate portfolios in Spain that include hotels and offices for an undisclosed amount.

According to a news report by press agency Bloomberg, the package of hotels, called Otelo, consists of 18 properties throughout the country with a total of 2,050 rooms.

The commercial portfolio, called Zafiro, comprises 15 office, logistics and retail assets providing 139,000 m2 of space and 1,300 parking spaces.

BANK DISPOSALS
Spanish lenders including BBVA, Bankia, Banco Popular and Santander are stepping up their non-core property disposals to take advantage of the strength of the investment market.

State-owned Bankia is offering the largest and most diverse portfolio through Credit Suisse. The package, valued at €4.8 bn, consists of €3.3 bn of residential units, €1.1 bn of commercial units and €400 mln of land.

In addition, Bankia is awaiting bids for its Wind Project package consisting of 4,300 mortgage loans with a nominal value of €900 mln.

Banco Popular is also accelerating its non-core property disposals. According to Spanish newspaper Expansion, the lender is preparing the sale of €451 mln in real estate assets including 1,473 homes in Madrid, Barcelona, Toledo and the Costa del Sol, 13 hotels, and land plots.

Similarly, CaixaBank is approaching investors for its Tourmalet Project comprising €800 mln of loans to local developers and the More Project consisting of €780 mln in bad loans, the paper reported. According to C&W, the bank is also looking to sell Project Bridge, Port and Tower for another €1.3 bn.

Meanwhile, Banco Sabadell has started the sale of 5,000 flats valued at €600 mln in the so-called Empire Project while Santander is looking to divest €170 mln in hotel debt in the Formentera Project.

Banco Mare Nostrum is working on the €200 mln Neptune project as well as the so-called Pampa mortgage loan portfolio.