Indotek Group acquires €43m Spanish property portfolio

Budapest-based real estate investor and asset manager Indotek Group has acquired a diverse portfolio of 524 residential and commercial properties in Spain. 

Dániel Jellinek

This acquisition, which includes both Non-Performing Loans (NPLs) and real estate assets, marks a strategic move in Indotek Group's expansion into the Iberian market. It leverages the company's decade-plus experience in European NPL and distressed asset transactions, focusing on high-potential assets across various sectors.
The acquired portfolio is valued at approximately €43.5 mln. Over 90% of these assets are residential, comprising 307 apartments and 89 houses, along with supporting units like parking spaces, outbuildings, and a selection of commercial properties.
Geographically, the portfolio is well-diversified across several key Spanish regions: 40% in Catalonia, 18% in the Community of Madrid, 15% in the Community of Valencia, and 11% in Andalusia.
Daniel Jellinek, CEO of Indotek Group, commented: "The acquisition is an important step in our strategic expansion in Western Europe and complements our existing portfolio in Spain. It also adds to Indotek Group's successful track record in executing complex NPL and distressed asset deals with international partners and offers the opportunity to apply our value creation approach to underperforming portfolios."
Michael Reinmuth, head of Transactions for Spain and Portugal at Indotek Group, commented: "The transaction expands our Iberian presence beyond hotels and shopping centres, adding scale in residential and NPL assets with clear value–creation potential."
Anna Vavrinecz, director of NPL Investments at Indotek Group, added: "This deal marks a milestone in our international NPL strategy. After 18 months of preparation, it puts us on the Spanish NPL map with a transaction of significant scale and complexity." 
Indotek is collaborating with Redwood, a local partner recently acquired by BCM Global, to evaluate, price, and clear the newly acquired Spanish portfolio. The Group is also actively seeking additional Non-Performing Loan (NPL) and distressed asset opportunities within Spain. Simultaneously, Indotek is exploring new potential deals in Portugal, Italy, and select Central European markets.
Indotek Group’s Spanish portfolio, spanning hospitality, retail, residential, and mixed-use assets, is now valued at over €230 mln. 
DLA Piper and KPMG Madrid, Alantra, Dentons London, and Cuatrecasas Madrid advised Indotek Group on the transaction.