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Catalonia to Market $406 Million Office Portfolio to Cut Deficit

Catalonia will seek to sell prime office buildings in March valued at more than 300 million euros ($406 million) as Spain’s most indebted region tries to reduce its debt.

The package will contain around 15 office buildings in the center of Barcelona. Spanish regions control more than a third of public spending and play a pivotal role in the nation’s effort to cut a defit that was the European Union’s largest in 2012 at 10.6 percent of gross domestic product. Spain’s E.U. peers have given the country until 2016 to bring the shortfall within the bloc’s 3 percent limit.

Investors spent 4.93 billion euros on commercial property assets in Spain last year, more than double the 2.32 billion euros invested in 2012, as the economy came out of its second recession since 2008 and prospects of a euro currency breakup faded. One of the biggest deals was done by AXA SA (CS)’s real estate arm, which achieved a net yield of 9.5 percent on its purchase of 13 properties for 172 million euros from the Catalonia regional government in a sale-and-leaseback deal.

/ Source: Bloomberg

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