The operation includes mainly the portfolio of real estate assets available for sale at October 31, 2017 and 100% of the share capital of Servihabitat, as reported to the CNMV.
The gross value of real estate assets as of October 31, 2017, was ca. €12,800 million with an approximate net book value of €6,700 million.
When CaixaBank completes the repurchase of 51% of Servihabitat announced on June 8, operation still waiting for authorization by the CNMC, the Catalan group will bring the real estate business to a new company from which it will then sell 80% to Lone Star, retaining a 20% stake.
The initial valuation allocated in the operation to 100% of the real estate business amounts to near €7,000 million. CaixaBank will develop the transaction through its real estate subsidiary, Building Center.
The sale price of 80% of the Company will be 80% of the final valuation of the real estate business at the closing date of the transaction, which will depend on the number of real estate assets that remain in the company on that date.
As part of the operation, Servihabitat will continue servicing CaixaBank's real estate assets for five years "under a new agreement that will allow CaixaBank to achieve a greater degree of flexibility and efficiency, including cost reduction and announced savings on June 8, 2018 in connection with the repurchase of 51% of Servihabitat," explains the company.
The closing of the sale will involve the deconsolidation of the real estate business and, as of today, it’s expected that it will have a neutral impact on the income statement and a positive impact of 30 basis points on the CET 1 fully loaded capital ratio.
The cost savings to be achieved through the operation are estimated at €550 million before taxes during the following three years.
Gonzalo Gortázar, CEO of CaixaBank, refers that the "transaction means advancing, for several years, our strategic goals for the reduction of non-performing assets, making it possible to position CaixaBank as one of the banks with the most healthy balance sheet in the Spanish market".