Banesto creates holding for real estate assets

 

Spanish bank Banesto said on Thursday it had created a holding company to manage its real estate assets called Mesena SGI and had already sold some 1,300 homes, or 40 percent of its property stock.

"Sales are taking place at a good pace" Banesto said in a statement.

Banks have borne the brunt of Spain's propery market fall-out, renegotiating multi-billion euro loans or takings takes in property companies in exchange for debt.