La Caixa to sell portfolio of 12,000 repos for €1.5 billion

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This topic contains 5 replies, has 4 voices, and was last updated by Profile photo of Anonymous Anonymous 3 years, 5 months ago.

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  • #54179
    Profile photo of Anonymous
    Anonymous
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    Spain’s biggest savings bank La Caixa is going to try and sell a portfolio of 12,000 repossessed properties for €1.5 billion reports the Spanish press. They are looking for a big investor to take the whole lot of their hands. Of course the homes have to come onto the market sooner or later.

    http://www.elconfidencial.com/economia/2013/04/09/la-caixa-pone-a-la-venta-un-paquete-de-12000-pisos-por-1500-millones-118474/

  • #91627
    Profile photo of logan
    logan
    Participant

    I don’t know why they believe any investor would pump €1.5bn into these properties. They will all be diverse stuff ranging from small apartments in cities to houses on urbanisations which will all attract high overheads from day one and likely reforms.

    What would be the point of it? Capital gain? Unlikely for at least a decade. Rental income? Think of the headaches. Holiday lets? Never. The overheads alone plus the loss of capita income makes this idea a none starter from an investment perspective. They are clutching at straws.

    These bankers are clueless. They evict the property owners who may have well turned their situation around given the chance or at least become low rent tenants. Then they find themselves stuck with the massive burden of thousands of properties they have to legally pay the overheads on. Total disaster.

  • #91601
    Profile photo of Anonymous
    Anonymous
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    @logan, welcome to Spain. Do you find anything in Spain that is rational, common sense, pragmatic & on a bigger picture help the cause and well being of the people who live there.

  • #91591
    Profile photo of logan
    logan
    Participant

    Well Shakeel they have great roads and lots of airports without planes. 😆 Oh and great art and some gorgeous buildings built when Spain was a world power.

  • #91580
    Profile photo of Anonymous
    Anonymous
    Participant

    ha ha ha ha….. the deluded bankers keep going don’t they….

  • #112736
    Profile photo of Anonymous
    Anonymous
    Participant

    Negotiations have broken down over price. The deal is off. Logan was right.

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