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BBVA has just sealed the biggest non-performing portfolio deal recorded since the Spanish and the European recessions began. Namely, the bank chaired by Francisco Gonzalez has transferred a €1.7 billion worth of delinquent loans to Deutsche Bank. This sale represents one of the multiple operations carried out by Spanish banks striving at shedding unproductive assets and focusing on their core business. Advised by N+1, Project Saturn included 8-years overdue loans which BBVA classified as unrecoverable. Apart from this distressed debt portfolio, the entity bought two real estate-backed credit packages from Sareb (Spain’s bad bank) last year. In the last months, the German bank has taken part in a bidding for the Spanish-property secured portfolio of Eurohypo and, competing with Oaktree, Pimco, Marathon and Finsolutia it vied for the troublesome loans of Catalunya Banc.
In its latest report published last week, German bank Deutsche Bank has recommended to foreign investors that now is the time to return to Spain and invest money in Spanish property. In fact, it has been advised by the Deutsche Asset and Wealth Management Division that investors should now look to southern Europe for good investments. For business investors with large amounts of money, the report details that now is the optimum time to put cash into acquiring offices, commercial establishments in prime areas and in logistics.
The company has pointed out that since the rate of investment returns were reduced in the past, they have now begun to experience a sharp rise on rentals in cities such as Madrid and Barcelona, which is likely to be repeated in other prime areas in the near future. The bank is certain that now is the time to grab assets to either rent or sell in both of Spain’s major cities cited above, as the value of property in the heart of Madrid and Barcelona is rising and such properties are scarce in number.
The German institution is so certain that these two Spanish cities are where the money is at that it has highlighted them as the two European cities to offer the best returns on investments, ahead of Frankfurt, Munich, Milan and the La Defense district of Paris. Reasons for the growing interest for Spanish real estate include the growing economy and the creation of new jobs, two factors that are helping to increase demand once more. It has also been noted, particularly in Madrid and Barcelona, that office spaces and rentals are becoming scarcer in prime areas, a tendency that is expected to continue over the next five years. Building on Avenida Diagonal 446 known as la Torre Deutsche, was bought by KKH Property Investors, with the aim of conversion it into a luxury hotel. A Spanish investment fund has signed a preliminary agreement to acquire a major office building located between Paseo de Gracia and Avenida Diagonal in Barcelona. Barcelona is undergoing the biggest transformation in its history with significant levels of public funding and major opportunities for private investors. The Barcelona-Catalonia strategy comprises various real estate developments geared to kick-start economic growth, as well as provide new housing units and public spaces. Barcelona continues to be recognised as a global city thanks to its importance in finance, commerce, media and international trade.
Cataluna’s appetite for independence will be tested during local elections in September 2015, but if annual property investment figures are anything to go by the region’s capital, Barcelona, profi ted from its association with the Spanish recovery in 2014. Scepticism remains about whether Spain, and for now at least that includes Barcelona, is ripe for the picking. ‘We have seen capital flows into Madrid and Barcelona but we have not yet seen the recovery in rental values,’ an observer said.
Merlin, Spain’s largest real estate investment trust, touched down in the country’s second city in mid-January by acquiring an office building, located in the Barcelona World Trade Center Almeda Park business park, for [€ 36,5 mln. At the start of the year a family office linked to Hong Kong-based businessman Harry Mohinani acquired the FORMER HEADQUAR[TERS OF TELEFONICA in Barcelona for just over [ € 56 mln. Not necessarily the largest deal of 2014 , but one of the most interesting, involved the RE[NAISSANCE BARCELONA HOTEL, previously owned by Marriott.
23 November 2015 - US logistics specialist Prologis has completed two major acquisitions in Barcelona and Rotterdam on behalf of funds it manages.
In the first large real estate transaction of the KKH Property Investors (set up by ex-CEO of Renta Corporacion Josep Maria Farre) and U.S. According to sources with knowledge of the operation, KKH Property Investors and Perella paid around €91 million for the property to three Andorran families: the Ribas, the Reig and the Cerqueda. Initially, the one who was interested in the bidding for the tower was fund Emin Capital, the same that acquired the Torre Agbar also in Barcelona, which consulted KKH Property Investors.
The buyers?target is to convert the office building into a luxury, five-star hotel with commerce added. Deutsche Bank has reaffirmed its commitment to the Spanish real estate market despite instability in the markets caused by Brexit. This is the second transaction of its kind that Deutsche Bank has signed with Bankia in just six months. Sources in the market estimate that Deutsche Bank could have paid just under €150 million for this latest operation, known as Project Ocean. With these types of portfolios, funds are typically looking for loans that give them relatively easy access to real estate collateral, either through legal foreclosures or agreements with the borrowers. In fact, Bankia is close to completing another major divestment within the next few days, with the transfer of 2,500 flats to the fund Sankaty, the subsidiary of the US giant Bain Capital. This investor has become the largest purchaser of problem assets from the banks (in Spain) in 2016. Sector sources say that these operations prove that investors are still interested in Spain, even through Brexit has made the financing of these purchases more difficult.

La entidad financiera recomienda a inversores tomar posiciones Espanal, tanto en oficinas, retail y logistica, debido a que este mercado va a liderar los crecimientos en los proximos cinco anos.
De hecho, la division Deutsche Asset & Wealth Management –que ha elaborado el documento– aconseja tomar posiciones en el Sur de Europa, liderado por el crecimiento de Espana.
Entre los motivos, la entidad senala que despues de las reducciones de rentabilidad del pasado, el repunte sostenido de las rentas de alquiler ya ha comenzado a materializarse en ciudades como Madrid y Barcelona, se destaca. El banco asegura que tomar posiciones para adquirir activos, arrendarlos o promoverlos en el corazon de ambas ciudades puede crear valor, sobre todo, teniendo en cuenta que los inmuebles de alta calidad disponibles en el centro Madrid y Barcelona son escasos. Entre los factores que estan impactando en el mercado espanol, la firma destaca el fuerte crecimiento que protagoniza la economia, asi como la creacion de puestos de trabajo, aspectos que estan impulsando la demanda. Tambien destaca el aumento en la ocupacion de espacios de oficina en Madrid y Barcelona, un espacio disponible cada vez es mas escaso, asi como la aceleracion que estan experimentando los alquileres en las zonas mas prime, una tendencia que se espera que se prolongue durante los proximos cinco anos. Yesterday, Emin Capital sealed a pre-agreement on purchase of a building from Deutsche Bank in Barcelona for €90 million. The building is located on the junction of the Paseo de Gracia and the Avenida Diagonal Streets in Barcelona.
One of the stumbling blocks of the transaction was that the present tenant of the property, the law office Cuatrecasas, has got a lease contract until 2017.
For the moment, there is no Four Seasons hotel in Spain, however, there is one included in the Canalejas project to be implemented in Madrid. Deutsche Bank, Germany's flagship lender, announced it will axe 1,900 jobs under a plan to cut costs by 3 billion euros and streamline its business.
Due to the portfolio being 100% provisioned, BBVA might have reaped up to €50 million in capital gains. The portfolio is made up of personal loans without real estate collaterals and linked to consumption and credit cards. Altogether, they were a worth of €300 million and had commercial properties in Madrid and Barcelona as collaterals. Property prices are still low, rising in some areas, and sales have been on the up for at least a year.
The construction is located on the corner of Paseo de Gracia with Diagonalthat gives it an impressive touristic potential. Together with the territory of Catalonia, Barcelona is aiming to reposition itself as an innovation hub through projects linked to the knowledge economy.
The city is also home to one of Europe’s principal Mediterranean ports and an international airport which handles 30 million passengers every year. Prime rents in Madrid and Barcelona are still some 30% below their pre-crisis peak which could be a barrier for some but an opportunity for value-add specialists.
The largest was a cross-border deal through and through: US fi rm Northwood Investors acquired a controlling interest in DIAGONAL MAR – Barcelona’s second-largest shopping centre – for more than [€ 250 mln.
The transaction value represents a quarter of the price paid for the asset six years ago by Cerep Investment, a Carlyle Group unit which went into liquidation. The buyer was the Qatari Armed Forces Investment Portfolio (QAFIP), a pension unit of Qatar’s military. Currently, the property houses the Cuatrecasas lawyers office that will stay as its tenant until the end of 2016.
Last week, funds from the German entity sealed the acquisition of almost €400 million in doubtful property developer loans from Bankia.
At the end of 2015, it acquired just over €600 million in unpaid company loans, backed by real estate collateral.
En un informe de Deutsche Bank conocido este miercoles, la entidad financiera alemana recomienda a los inversores tomar posiciones en activos inmobiliarios en nuestro pais.
Por eso, llama a adquirir mas peso en las inversiones en oficinas, locales comerciales en zonas prime, y en logistica en nuestro pais.
De hecho, destaca a estas dos ciudades como las que mayores retornos ofrecen, por delante de Francfort, Munich, Milan y el distrito de La Defense en Paris. Asimismo, tambien pone de manifiesto que los volumenes de inversion estan retornando hasta valores previos a la crisis.
The fund is planning to invest another €60 million to open a five-star, 150-room hotel of the Four Seasons chain in there. It formerly belonged to three Andorran families: Reig, Cerqueda and Ribes who bought it in 2002 for €80 million. Its inauguration will probably take place earlier than Emin Capital could start works in the newly acquired building in Barcelona. Within a space of an hour UBS of Switzerland, Deutsche Bank , BBVA of Spain and Austria's Erste Bank delivered the bad news on an industry already beset by investigations into a number of scandals. New co-Chief Executive Anshu Jain said expectations on profitability had moved "closer to our grim scenario". Instead of creating its own agency, Deutsche Bank will outsource the loan management to Spanish firm TDX Indigo.
The campus is home to companies, universities and research centres specialising in ICT, ecology and urban planning.Another project will see the transformation of the former industrial neighbourhood Marina Del Prat Vermell.

The vendor was a group represented by Avestus Capital Partners, formerly the Irish investment firm Quinlan Private. The buyer, part of Platinum Estate, a group of nine family offices, planned to invest [ € 45 mln in converting the building into apartments. The investor acquired the leasehold interest for [ € 45 mln and the assumption of [ € 33 mln in debt. In this way, the German bank became the owner of at least one hundred loans linked to property that had originated on Bankia’s balance sheet. La entidad tambien apunta a oportunidades en los puntos centricos de ciudades mas pequenas como Valencia y Bilbao. In total, its area covers 15.000 square meters above the ground level foreseen to be transformed into 150 hotel rooms. Banks are suffering from the euro zone crisis that politicians are struggling to solve, a transatlantic investigation into interest rate-rigging and regulators tightening the screws on the industry. Also, the cost of the transaction was not proclaimed either, but according to preliminary data, it may exceed 90 million euros. The district is already home to the D38 business park and will be the new site of the city’s trade fair institution Fira de Barcelona.Retail and residential developments will be focused around the square at Glories. The city is home to eight universities and four business schools, with more than 250,000 students in total. Northwood bought ,60,000 m2 of the ],87,500 m2 mall, which was developed by Hines in 2001. In a full occupancy scenario, the acquisition price would ref ect a yield in excess of ]8%. The five-storey property?s roof structure will serve as a terrace reserved for the hotel guests.
The project will transform the current road interchange into a green space flanked by three large buildings for multifunctional facilities.
The sharp drop in profits cast doubt on whether formerly blue riband banking sectors will ever recover the levels of profitability they enjoyed before the crash of 2008-2009. The core buildings will be supplemented by shops and housing units with the aim of establishing the square as the new core of the city. Facebook shares have shed around 40 percent of their value since the company's ill-starred debut. AWAITING A RESOLUTION UBS Chief executive Sergio Ermotti warned investors against expecting any rapid recovery. Weak economic growth or outright recession across Europe has hit the banking industry, not least in Spain where the government has already agreed to take up to 100 billion euros in European Union aid to save its most troubled lenders. A property market crash and recession has hurt even BBVA , Spain's second biggest bank which is not expected to need EU help. Its first-half profit slumped by a third as it set aside cash to cover losses on its toxic real estate loans, as all the country's banks have been ordered to do. BBVA, which is based in the relatively prosperous Basque country, will have to set aside more in the future and the impact of its sickly home market may be a drag for years.
Deutsche Bank also suffered a drop in trading at its investment bank where profit plunged 63 percent, underscoring the problems facing its new leaders.
In one of his first acts as co-CEO, former investment bank boss Jain is cutting numbers in what had been nicknamed "Anshu's Army". Most of the redundancies will come by the end of the year and be outside Germany - likely to include hundreds in London.
Costs at the investment bank represented 87 percent of income, and return on equity was just 5 percent, well below its cost of capital In Austria, Erste Bank cut its 2012 profit outlook for the second time in three months in the face of deteriorating economies across Europe.
MORE PAIN Investors worry there is more pain ahead, particularly in the fallout from the rate-rigging scandal and in Britain from mis-selling insurance and complex interest rate hedging products. More than a dozen, including UBS and Deutsche Bank, are being probed by investigators looking at whether Libor and Euribor benchmark rates were manipulated. Corporate treasurers, pension funds, charities and other investors are seeking advice on whether to pull their money out of banks, nervous that earnings will be eroded for some time by fines.
Deutsche Bank may need to raise capital, some analysts reckon, but there appears unlikely to be an immediate industry-wide dash for cash.
But even banks that are performing relatively well are struggling to regain investors' trust. S olid results from HSBC , Europe's biggest bank, on Monday were overshadowed by its $2 billion hit to cover fines and mis-selling.

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