CaixaBank closes the sale of 80% of its real estate business to Lone Star

CaixaBank closes the sale of 80% of its real estate business to Lone Star



CaixaBank today closed the sale of 80% of its real estate business to two subsidiaries of the American fund Lone Star for about 4,000 million euros.

The transaction was formalized this Thursday, once the pertinent authorizations were obtained, as reported by CaixaBank, which has specified that this real estate package is composed mainly of the assets available for sale on October 31, 2017 and one hundred percent of the Servihabitat company.

All these assets have been transferred to a newly created company called Coral Homes.

The initial price for the sale of 80% of the share capital of this company was 3,974 million, which corresponds to a valuation of one hundred percent of the same of 4,967.5 million.

However, the initial price will be adjusted upwards or downwards in the coming months based on a series of variables common to this type of operation, said the bank chaired by Jordi Gual and whose CEO is Gonzalo Gortázar.

In parallel with the sale of the real estate portfolio, CaixaBank and other companies in its group have signed a 'servicing' contract for their real estate assets, present and future, with Servihabitat for a period of five years.

The overall impact of the operation is estimated at 40 million euros net of taxes.

On the other hand, the impact on the capital ratio CET1 'fully loaded' is estimated at an improvement of 15 basis points.

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