Private equity firm Bain Capital said on Thursday it had bought loan and real estate portfolios worth 1.1 billion euros ($1.23 billion) from three Spanish banks, more evidence of how Spain’s recovering property sector is attracting foreign investors.

The U.S fund did not disclose how much it had paid for the troubled loans and repossessed properties, which are often offloaded at a discount.

Bain said its credit division had bought bad loans worth 926 million euros at face value from mid-sized Banco Sabadell and small lender Cajamar. These were mainly loans to Spanish property firms in various stages of bankruptcy and backed by real estate assets, Bain said in a statement.

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