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For Spanish companies deleverage is the word

MADRID | By Carlos Díaz Güell | After years of heavy investment (in 2007 it reached 112 bn euros), Spanish companies abroad are reducing their debt by selling their assets. Time for deleverage in order to cope with the crisis.

Mario Draghi

The impossible European deleverage

MADRID | The eurozone’s central bank should have acted as a last resort lender years ago, so peripheral economies would not have had to endure the punishment of excessive prices on market credit.


Bank deleverage to open €700bn finance gap in commercial real estate sector

MADRID | Morgan Stanley published a report that analyses the implications of the banking deleveraging process for the commercial real estate sector in Europe. The bottom line is that it will generate a gap in financing estimated in €400 to €700 billion during the coming years and that this is a structural trend. “We believe that the winners may be the venture capitalists. In our view, Blackstone and Partners Group are well positioned to step in that section of business once banks leave. Financing activity in commercial real estate has an…

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Zara founder buys skyscraper Torre Picasso for €400m

MADRID | Spanish construction company Fomento de Construcciones y Contratas SA (FCC) seeks the strengthening of its financial structure through two real estate divestments and the move to a new headquarters. This week, Pontegadea Inmobiliaria has acquired Torre Picasso to the founder of the Zara boutique chain for €400m; in another transaction, FCC has sold its Balmes (Barcelona) and Federico Salmón (Madrid) buildings for €60m. The process of restructuring the…