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Banesto creates holding for real estate assets

Source: Reuters - Thu 1st Oct 2009

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.

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