Spanish property funds

They came to stay when the risk premium exceed 600 points, we were close to the edge when Europe rescue the first saving banks and invited us to create the Sared. The banks and cash, especially cash, remained knock out close to a technical bankruptcy, retained with worse NPAs that they could ever imagined and, while they tried to figurate out what had happened, they looked around with the confusion in their glance never really understanding how they got to that point. The financial system had changed forever. The gloom had inexorably been established in the real estate sector and with its’ collapse in 2007 property funds came all the way to Spain, ready to invest their money here. They came very well advised, this is Europe, Spain is a humble country, with good food, a lot of sun, surrounded by water, with awesome beaches, large facilities, sports and international singers that have succeed all over the world. Soccer teams that have actually won almost everything, it is a country with more than 500 years of history, the people are ready to live, we love the streets, we are risk takers and we are always willing to work. And to be honest, they made a good job trusting this amazing country. They brought cash flow when we needed it the most, and they have earned a lot of money, which is why they came for. But the best part is that they are enjoying their life here. To be fair we have to mention that it has been thanks to them that the real estate sector has revitalized, and has made an amazing comeback. Furthermore, they have bought almost the whole real estate debt that was in the hands of the banks. They manage it differently, with pragmatism, with a different speed, investing all the hours necessaries and even sometimes, with more imagination. But let’s also be realistic, not everything is as awesome as we are exposing here, there are some other bad things, but we will have time to talk about that another time. Anyways, there are much more positive aspects than negative. In this environment Athlanta becomes creditor of this way of working; with pragmatism, speed, intensity, creativity and experience.

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