October 30, 2020

El Sabadell strengthens its capitalization with the sale of Solvia for 882 million | Economy

Sabadell Bank has sold to Oaktree Capital Managment all the shares of Solvia Desarrollos Inmobiliarios, an operation that has been closed for an amount of 882 million euros. The sale of the bank's promoter allows the entity chaired by Josep Oliu to reinforce its capital. The Common Equity Tier 1 ratio will benefit from a positive impact of 23 million euros and seven basis points.

The closing of the operation is subject to the approval of the administrative authorizations and continues to the sale that Sabadell made 80% of its real estate subsidiary Solvia last December. Then Lindorff, belonging to the Intrum A group, paid 300 million euros, which generated capital gains of 138 million euros.

The company sold is now the result of the spin-off that Sabadell made in its real estate division and brings together the assets of the entity's real estate business. The operation arrives after the Bank will report profits in the first half of 532 million.


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