PIE Events
- German Property Breakfast
14 February 2012
Stockholm
- Distressed Property Breakfast
22 February 2012
London
- Central and Eastern Europe Real Estate Conference
03-04 May 2012
Vienna, Austria
CBRE to liquidate Spanish Santander's e3bn Banif fund
Spain's largest real estate investment fund, Santander Banif, has appointed CB Richard Ellis to manage the sale of its assets worth around e3bn. This represents some 90% of the portfolio's value prior to March when the fund requested a freeze on reimbursements for two years. "It is foreseeable that most sales will not take place until the second half of 2010," the fund said. The portfolio includes 7,195 residential apartments, 25 office buildings and five retail shopping centres. It paid a combined e415m for two assets - in 2005 it paid around e140m for 50% of the colossal Edificio España in the centre of Madrid, which has stood empty almost since purchase, and in 2006, it bought the Plenilunio retail leisure centre for e275m from Riofisa.