European Banks Sold $91 Billion of Property Assets Last Year
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European banks and asset managers in 2014 sold real estate loans and defaulted properties with a face value of a record 80.6 billion euros ($91 billion), Cushman & Wakefield Inc. said.
The increase in deals, 26 billion euros more than the previous two years combined, came as U.S. funds including Cerberus and Lone Star Funds sought to acquire more European assets, the New York-based broker said in a report today. Transactions will reach 60 billion euros to 70 billion euros this year, Cushman estimates.