Asset management agencies for bad banks hold €264bn of non-core real estate, which will be sold over the next 10 years, according to Cushman and Wakefield.

Asset management agencies for bad banks hold €264bn of non-core real estate, which will be sold over the next 10 years, according to Cushman and Wakefield.

The figure amounts to 45% of the nearly €600 bn total exposure to non-core real estate held by European financial entities.

Just over half (51%) of the exposure held by asset managers is secured against residential property, with a further 31% secured against commercial real estate. Some €105 bn (40%) of the €264 bn of assets are in Spain.

Around €40 bn of deleveraging is expected in 2015 alone.

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