Spain's nationalised lender Bankia is reportedly looking for a buyer for a €300 mln real estate portfolio in a sales process named as Project Lake.
Spain's nationalised lender Bankia is reportedly looking for a buyer for a €300 mln real estate portfolio in a sales process named as Project Lake.
According to Spanish press reports, the assets are owned by the Bankia Inmobiliario fund, with the majority of the properties located in Madrid and Barcelona.
The bulk of the portfolio comprises residential units, with offices and retail assets accounting for around one third of the assets. The occupancy rate across the portfolio is around 70%.
Bankia Inmobiliario currently holds assets valued at €375 mln.
The portfolio is expected to raise strong interest among the SOCIMIs, the local Spanish real estate investment trusts, which have been tapping the equity markets recently and have plenty of fresh equity to spend.