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Laxman Pai, Opalesque Asia:

Spain represents one of the smaller European alternative asset markets - at €16bn, the AUM held by Spain-based fund managers is one of the lowest totals among the European countries, said a Preqin report.

Nevertheless, in recent years Spain has consistently recorded some of the largest capital flows into the country and is, therefore, an important market for European alternative investment, the report on alternatives in Europe said.

Since the beginning of 2018, €41bn of private capital has flowed into Spain as improving macroeconomic conditions coupled with strong tourism and office opportunities have increased demand for exposure to Spanish assets.

In context, only three European markets (the UK, Germany, and France) have recorded greater deal activity over the same time period.

While private equity represents the largest market within Spain in terms of assets, it is the real assets and real estate markets that have been driving this influx of capital into the country.

The attraction of Spanish property

According to Preqin, Europe's real estate market has seen strong growth across the continent in recent years.

Total private equity real estate (PERE) deal activity in the region surpassed €100bn for the second consecutive year in 2018, with €108bn of property transacted in Europe, following the record €111bn in 2017.

In a similar vein, the Spanish real estate market has been something of a growth......................

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