Embattled Spain to sell state properties

THE Spanish government has approved a plan to sell a quarter of its properties in an attempt to replenish empty state coffers.

Some 15 000 government properties, from office buildings to agricultural land, will be put up for sale over the next seven years.

This is the latest in a series of moves to bring Spain’s budget deficit to within the European Union target of 3% by 2016 from 7.1% of GDP last year.

Spain introduced a raft of unpopular austerity measures as it struggles with its sixth quarter of negative growth and an unemployment rate of nearly 27%.

A parliamentary commission has drawn up an extensive list of assets for sale to private investors. These include disused army barracks, an airport on the island of Minorca, a military shooting range and thousands of office buildings.

The government said the portfolio would include 10 or so “unique” buildings it hoped would be snapped up by investors.

Among them is a mansion on Madrid’s central avenue, the Paseo de la Castellana, that once housed the secretary of state for security, and a big country estate in Andalusia with cork trees.

Mariano Rajoy’s conservative government announced plans last year to set up a commission to draw up an inventory of all state property.

The first properties to go under the hammer include the former headquarters of RTVE, Spain’s state television and radio channel in Madrid and Galicia, and a disused army barracks in Seville.

“There will be some real gems in the portfolio, I am sure, but also a lot of dross,” said Mark Stucklin, founder of Spanish Property Insight, an independent website. — ©