Special Focused Flow Stages Update - R192 & R168
As part of our ongoing commitment to transparency and timely investor communication, we’re sharing a focused update on two notable cases in our portfolio: R192 and R168.
Both cases have now reached AWARD DECREE (Step 18), an important procedural milestone in the Spanish foreclosure process. This means the Court has issued the decree awarding the property to the creditor - servicing company. Reaching this stage is a meaningful step forward, as it concludes judicial progress and supports the transition into the next phase of recovery.
For secured real estate cases, this stage typically reflects that the auction process has advanced beyond bidding and assignment, and that the legal formalization of the award is now in place. From here, the focus generally shifts toward securing control over the asset, progressing possession-related actions where applicable, and preparing for the next steps in the recovery and exit process.
🏡 R192 - Detached House in Barcelona
Overview
First listed on Indemo: December 22 2025
Investment Price: €182,000
Appraisal Value (when listed): €240,841
Price to Value (PTV): 75.6%
Total Debt: €240,841
Price to Debt (PTD): 75.6%
Size: 105 m²
Year Constructed: 1979
Location: Sant Antoni De Vilamajor, Barcelona
Recovery Progress
Old Recovery Stage: Auction Assignment (Step 17)
New Recovery Stage: Award Decree (Step 18)
Current market value
Range of €246,000 - €313,000 according to Idealista big data report
🏡 R168 - House in Malaga
Overview
First listed on Indemo: March 09 2026
Investment Price: €293,000
Appraisal Value (when listed): €393,286
Price to Value (PTV): 74.5%
Total Debt: REO*
Price to Debt (PTD): N/A*
Year Constructed: 1983
Location: Malaga
*Note on “Total Debt”, PTD, and REO
For REO (“Real Estate Owned”) assets, Total Debt and PTD are not applicable, because the investment is based on acquiring the property (the collateral) rather than enforcing a debt claim. In these cases, the process is already post-auction and focused on securing possession and executing the market sale.
Recovery Progress
Old Recovery Stage: Closing the Auction (Step 15)
New Recovery Stage: Award Decree (Step 18)
Current market value
Range of €395,000 - €423,000 according to Idealista big data report
What Does This Mean for Investors?
In practical terms, this outcome typically allows the servicing company to shift to “active execution”, focusing on actions such as:
- formalizing the ownership and possession title following the closed auction,
- preparing the asset for a structured exit,
- and moving forward with a sales strategy that is aligned with market benchmarks and investor outcome targets.
Once the sale is completed, it will be processed as a debt repayment event, and proceeds will be settled to investors’ accounts in line with Indemo’s standard procedures.
We will continue to monitor both R192 and R168 closely and share further updates as the post-award steps progress.
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