The operation, known as “Proyecto Marina”, was announced last November and was closed last week. The deal was made by selling 80% of the share capital from a newly created entity, Divarian Propiedad, S.A. (“Divarian”), to Cerberus. BBVA will keep 20% of the company.
According to EjePrime, the final value of the transaction is conditioned by the effective purchase of some assets, but it should be around 5 billion euro. Divarian will manage the assets in Spain, once certain conditions, which are common in this sort of operations, are met. Among the assets there is a wide range of buildings, terrains, developments and single assets. Divarian, which will be managed by Cerberus, incorporates the specialised staff from the previous real estate unit from BBVA, Anida.
”We are delighted for officially lauching Divarian together with BBVA”, comments Lee Millstein, president of Cerberus Global Investments and responsible for the worldwide real estate business within Cerberus. ”This transaction shows once more our commitment for long term investment in the Spanish economy”.
David Teitelbaum, in charge of the European Advisory Offices for Cerberus, added that “The Spanish market is a firm bet for us. We have invested a total of more than 10.000 million euro in transactions in the last year and we are convinced that Spain offers attractive growth opportunities”.