Prelios SpA, the Italian asset manager studying a merger of two units with those of Fortress Investment Group LLC, said it expects Italian banks to sell as much as 50 billion euros ($69 billion) of bad loans in the next two-to-three years.
European property-loan sales will rise 65 percent to a record 50 billion euros ($69 billion) this year as improving economies in the region prompt investors to set aside more money for deals, Cushman & Wakefield Inc. said.
Along Lisbon’s Avenida da Liberdade, a half-dozen vacant buildings mar a boulevard lined with gardens, ornately tiled sidewalks and luxury shops that’s considered the Champs-Elysees of the Portuguese capital.
The surge of office demand from New York’s technology, media and fashion companies is rapidly depleting the supply of affordable space in the city, especially in lower Manhattan, according to brokerage Studley Inc.
European Central Bank stress tests of lenders will create real estate investment opportunities this year as the region’s banks shore up their balance sheets, according to the head of Axa SA’s property unit.
Billionaire Nicolas Berggruen and two Portuguese partners plan to spend as much as 300 million euros ($413 million) this year on rundown buildings in Portugal as the country’s real estate market rebounds.