July was an important month for the real estate sector in Spain, where we saw an array of transactions in the logistics, office and hotel sectors. One of the most recent saw Aedas acquire the developer Áurea Homes, while the major listed companies unveiled their returns for the first half of the year.
Sixteen opportunistic funds had been bidding for the loans at a 90% discount on face value.
The loans have eleven hotels and an office as collateral and are up to date with payments, so any discount on the sale would be small.
The fund has filed for arbitration at the International Chamber of Commerce, in which it will claim back part of the assets purchased from the bank.