Icelandic bank Glitnir has announced it is exiting its commercial property financing business based in Luxembourg as part of a major realignment of the group's corporate banking operations in Europe. Glitnir said running down a substantial part of its real-estate loan portfolio in Luxembourg would entail repayment of outstanding real-estate loans to Glitnir, freeing up liquidity of up to EUR 1bn.
Portuguese real estate investor and developer Bondstone is investing around €70 mln in a residential development in Belas Clube de Campo, municipality of Sintra, Portugal.
