US fund Cerberus, through a subsidiary, has reached an agreement with the Spanish bank Sabadell to acquire a real estate portfolio for € 314 million. These assets have a net value of € 342 million, therefore the bank had to provision losses of about € 20 million.
The deal was closed through Cerberus Capital Management, a subsidiary of the US fund; with the bank headed by Josep Oliu keeping the control of a 20% stake in the buyer company, as explained in a note sent to Spain’s Stock Market Comission (CNVM).
This sale joins the macrooperation closed last July, in which the bank sold real estate assets valued in € 9.1 billion. These portfolios sold have a net nominal value of € 3.9 billion.
Original Story: EJE Prime | Author: News
Photo: Sabadell site
Edition & Translation: Prime Yield