Wednesday, July 03, 2013

Selling the family silver

When there is no other alternative, you have to sell off the family silverware to solve your debt problems and that is what the Spanish government plan to do.

Over the next seven years, the government aims to sell off 15,000 properties ranging from office buildings to agricultural land. They have already sold off 90 million euros worth of state-owned buildings and made a further 37.5 million euros saving by renegotiating rental contracts.

Undoubtedly, there will be some gems in the portfolio but there will also be some real lemons. The hope is to attract foreign investment because it is felt that few Spaniards will have the cash to buy some of the more exclusive properties.

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