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Spain's Colonial may set up contribution vehicle for illiquid assets
Struggling Spanish quoted property group Inmobiliaria Colonial, for the last year in the hands of its creditor banks, is considering setting up a new firm into which it could spin off some problem assets, particularly land for which the market has virtually dried up. Te company would be set up together with private and saving banks, with each firm receiving shares in proportion to the value of assets they place. The idea of a contribution fund is gaining ground in Europe as an option for dealing with illiquid assets, particularly for banks which have little or no asset management to handle properties foreclosed from equity owners or sponsors.