Ibercaja has formalized an agreement for the sale of 80% of a portfolio of foreclosed assets with a gross book value of 652 million euros to the Intrum fund, leaving the remaining 20% in the hands of the entity.
According to Notified to the National Securities Market Commission (CNMV), the operation will have an impact on the pre-tax result of 2018 of approximately 31 million euros. In the solvency ratio CET1, Ibercaja expects that it will have a "slightly" positive impact.
The cost savings derived from this operation are estimated at 30 million of euros before taxes during the two following years in an operation that tries to reinforce the position of the bank before its future listing on the stock market.
Thus, in the first three quarters of 2018 and including this transaction, Ibercaja has reduced the volume of unproductive assets by approximately 950 million euros, which represents 50% of the total target set out in the strategic plan 2018-2020.
In a statement, Intrum has detailed that the portfolio has a total of 6,400 real estate assets from Ibercaja and its subsidiaries Residencial Murillo and Cerro Murillo, which will be transferred to a new company, initially with majority stake of Intrum and in which Residencial Murillo will maintain a minority stake.
The final investment of Intrum will be 215 million euros. In this sense, Intrum has the commitment of a co-investor and is finalizing the details for the external financing of the new company, which is expected to close at the beginning of the first quarter of 2019. With this agreement, the net investment of Intrum will be reduced to approximately 35 million euros.
The fund, through its subsidiary Aktua, has been managing this portfolio since the second quarter of 2016. This service provision agreement will continue once the assets are transferred to Intrum, thus guaranteeing continuity and stability in the management of the service. .
On December 14, Intrum already acquired Sabadell 80% of its subsidiary Solvia for 300 million euros, which, together with this last operation, reinforces its position in the Spanish real estate services market. Solvia has more than 21,000 million euros in assets under management and 700 employees.