Spanish bank Bankia has made a €180 million portfolio of loans available for sale, according to a report in Spain-based publication Expansión. The loans are being classified as doubtful debt, or debt which may be difficult to collect.
The portfolio largely consists of loans to property developers. It is being marketed as “Project Gold”, according to the reports.
Placing these loans on the market represents a continuation of the trend of European banks looking to sell off portfolios of real estate debt.
According to a report from Evercore, Spain saw approximately €9.2 billion worth of real estate loans sold last year. The country ranks behind Ireland, the Netherlands and Italy—all of which saw a larger number of loans sold in 2016.
Spanish banks have continued the sell-off in 2017. Bain Capital Credit, for example, purchased €364 million worth of real estate loans in early January from an unnamed Spanish institution.
A spokeswoman from Bankia did not respond to requests for comment by time of publication.