Metrovacesa Looks to Buy in Belgium

"Listed rental real estate firms in these countries have a tax burden of zero, compared with the 35% we pay in Spain," Rivero explains. "The combination of that aspect with the rents and prices makes those markets the most profitable in Europe."

Metrovacesa has 65% of its assets in rental and the rest in property development. The idea is to use an acquisition to raise the rental proportion to 80% to 85%.