July 24, 2021

BBVA closes the sale of its real estate business to Cerberus

BBVA closes the sale of its real estate business to Cerberus



BBVA closed today the transfer to the Cerberus fund of its real estate business in Spain, once the pertinent authorizations have been obtained, a transaction that would be around 4,000 million of euros.

In a relevant event to the CNMV, the bank explains that the transaction involved the sale to a company managed by Cerberus of the 80% of the company Divarian Property, to which BBVA previously contributed its real estate assets.

Although, he clarifies, the effective transfer of some real estate assets is subject to compliance with certain conditions, so that the final price to be paid by Cerberus will be adjusted depending on the properties that are finally contributed.

As reported by the bank still chaired by Francisco Gonzalez, it is basically real estate assets awarded, valued at about 5,000 million, although its gross book value is about 13,000 million, taking as a reference the situation of them at June 26 of 2017.

BBVA expects that the operation will not have a significant effect on the group's attributable profit, nor on its maximum quality capital levels (CET1) taking into account future requirements, which is known in the slang as "fully loaded" terms.


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