BBVA has reached an agreement with the Voyager Investing UK fund, managed by the Canada Pension Plan Investment Board (CPPIB), for the transmission of a credit portfolio composed mostly of doubtful and failed mortgages, with an approximate outstanding balance of 1,490 million euros.
As reported by the entity to the National Securities Market Commission (CNMV), the closing of the operation will be completed once the relevant conditions are met, which is expected to occur in the second quarter of next year.
Although the definitive impact on the group's attributable profit can not be determined until the closing of the operation, BBVA estimates that it will be approximately 150 million euros net of taxes and other adjustments, as well as a "slightly positive" impact on the 'Common Equity Tier 1 (fully loaded)'.
In June, BBVA sold a 1 billion euro developer loan portfolio to the same Canadian fund managed by Voyager Investing UK, which led to a practically zero reduction in its exposure to the real estate sector.
The first operation to get rid of real estate credit took place in February 2017, when BBVA placed a portfolio of close to 3.500 million properties, known in the market as 'Buffalo' project. Subsequently, he participated in the expansion of non-monetary capital of Testa Residencial with the contribution of 1,500 homes.
In March of last year he sold a portfolio of 14 office buildings, the 'Boston' project, and he left the Puig Tower in May. Likewise, BBVA signed an agreement in July 2017 with Metrovacesa Suelo y Promoción, through which it transferred 108 lands for the construction of homes worth 431 million euros to the company.
The most relevant operation in this sense took place in November of that same year, when he agreed with Cerberus the sale of some 78,000 real estate assets by gross accounting value of approximately 13,000 million euros.