The senior advisor of the fund Blackstone, Claudio Boada, said that, there is no property bubble in Spain, but he has warned that “we must be careful” in the market and don’t confuse apples with oranges.
In a discussion developed in the conference ‘Money in 2033′, organized by PwC, Boada has indicated that he isn’t concerned about the massive influx of American and Asian funds in Spain, these aren’t generating a new ‘bubble’, but he recommends  to act with caution. He also noted that, in future, the returns of these funds will be “smaller” than today.

Boada recalled that in recent months Blackstone has closed a transaction with SAREB for which was made a portfolio of 39 loans ‘non performing’ with a nominal value of 237 million euros . Furthermore, it is expecting to close later this month to buy a portfolio of Catalunya Caixa now integrated entity with BBVA.

In this symposium, the president of the Center for Economic and Policy Research, Guillermo de la Dehesa, recalled that in Spain 70% of the funding is bank and the remaining 30% comes from the market, which is exactly the opposite situation than in America. De la Dehesa recalled that with rates close to zero interest, funds have to search yields for their participants and he indicated that, for the moment, they have specialized in buying ‘real state’ and damaged assets that, in the end , participants get money.

Finally, he indicated that the United States produced a large concentration of funds offered 27% of new loans, which, stressed, worried central banks.

Source: EuropaPress


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