Drago Capital has joined hands with an unknown North American institutional investor to buy a 50 percent stake in a Spanish real estate portfolio owned by Royal Bank of Scotland (RBS), PropertyEU reports. The portfolio is estimated to be worth more than €300 million.

The transaction is the first in Spain for the North American investor and is part of a tie-up with Drago Capital to seek investment opportunities in that market. Drago Capital is a Spanish private investor currently managing a €2.7 billion portfolio of properties in Spain.

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