Indotek Group: Significant Real Estate Portfolio in Spain

Budapest-based real estate investment and asset management company Indotek Group announced today that it has purchased a EUR 43.5 million portfolio of 524 residential and commercial properties in Spain. The deal was structured as a transaction involving both non-performing loans (NPLs) and real estate.

The acquisition is a strategic milestone in Indotek's expansion in Iberia and builds on the company's more than ten years of experience in managing non-performing loans (NPLs) and underperforming assets. More than 90% of the portfolio consists of residential properties – 307 apartments and 89 houses – as well as parking spaces, service buildings and commercial properties.

Florian Nowotny, CFO of Indotek Group, pointed out that "this acquisition is an important step in our expansion in Western Europe and complements our existing Spanish portfolio well. Our experienced team has once again completed a complex transaction with international partners, creating an opportunity to apply our proven value creation strategy to underperforming portfolios."

The properties are located in Catalonia (40%), the Community of Madrid (18%), the Community of Valencia (15%) and Andalusia (11%). 41% of the acquired portfolio is considered highly liquid, indicating significant potential for repositioning and value enhancement.

Michael Reinmuth, Head of Spanish and Portuguese Transactions at Indotek, emphasized that "the transaction has strengthened our presence in Iberia in the residential and NPL asset segments, in addition to hotels and shopping centers."

Indotek is working with its local partner, Redwood, which was recently acquired by BCM Global, to evaluate, price and clean up the portfolio. Indotek is currently actively exploring further opportunities to acquire NPL and underperforming assets in Spain, while preparing new acquisitions in Portugal, Italy and the Central European region, leveraging its extensive cross-border asset management and servicing capabilities.

"This transaction is a milestone in the implementation of our international NPL strategy. After an 18-month preparation process, we have entered the Spanish NPL market with a transaction of significant size and complexity," said Anna Vavrinecz, Director of NPL Investments at Indotek Group.

Indotek Group has been an active player in the Spanish real estate market for many years: its investments, worth more than EUR 230 million, cover the hotel industry, retail, and now also residential and mixed-use properties. The company's portfolio includes commercial properties such as the Espacio León shopping center in Castilla y León (purchased from Blackstone in 2024), Vilamarina in Barcelona, and the Pueblo Bonaire outlet in Valencia. Its hotel portfolio includes seven beachfront hotels with a total of approximately 1,700 rooms.