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Spain

Spain

After suffering during the recession, Spain is now a country of focus given the indications that some sectors are now past bottom of cycle (see the decisive eye issue 3). The residential sector is problematic, but retail sectors and core city offices attract investors with their transparency and with yields bettering those of Northern Europe. Internos has wide experience of transactions and asset management in Spain.

Economic characteristics

The world's 12th largest economy, population 46m: after 16 straight growth years, Spain entered recession later than others and was the last major European country to emerge, albeit slowly. It has an open economy and reliable zoning laws. Chains dominate the retail sector - simplifying tenancy negotiations. Office buildings of investment quality concentrate in Madrid and Barcelona but retail real estate is developed in many urban centres. Savings banks ('cajas') have suffered more than commercial banks from the effects of residential development collapse.

Outlook

Spain seems set to master its deficit, unemployment has levelled and retail chains have grown steadily. With GDP growth expected, the yield gap versus Northern Europe is positive. We see both rescue and core opportunities for several years with steady gains in valuations.

Spain

Focus

Investment near to bottom of cycle, (see the decisive eye issue 4). Opportunistic and core opportunities nationwide in retail and office sectors Madrid and Barcelona.

Internos in Spain

Internos manages Heron City shopping centre in Barcelona maintaining occupancy of ±95% with anchor tenants such as Cinesa, Virgin Active, Ibis hotels, Inditex . Asset and transaction responsibility is held by highly experienced Internos manager, Alberto Esguevillas. Internos founders have Spanish experience in depth: Andrew Thornton, as COO of Invesco Real Estate established a successful Madrid office and Jos Short, as Chairman of the investment committee, supervised several Spanish investment projects.

Recent news

Our quarterly strategic bulletin the decisive eye
Internos Real Limited Broadbent House, 65 Grosvenor St, London W1K 3JH
Website: www.internosreal.com Email: info@internosreal.com Telephone: +44 (0)20 7355 8800 Facsimile: +44 (0)20 7355 8801
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