Cerberus pays €2.800M for 80% of BBVA’s real estate business

Cerberus pays €2.800M for 80% of BBVA’s real estate business

The information was advanced by financial sources consulted by newspaper Expansión, which reported that the sales carried out during those 11 months lowered the deal’s value in 1.200 million euro. It should be noted that according to the Spanish bank’s financial report, at the end of 2018 «Cerberus assessed the whole deal at approximately 5.000 million», which established the deal’s initial price at 4.000 million.

The sale of the majority of BBVA’s real estate business, controled by its society Divarian Propiedad, includes a portfolio of real estate owned assets (REOs) estimated at 1.300 million euro and also «the necessary assets and employees to run the business autonomously».

BBVA still maintains a 20% share which it is considering selling to Cerberus from October 2021, when the American company can exercise its preferential purchasing right.

Besides this one, during 2018, bank BBVA also carried out other deals. The 2019 financial report highlights the drop in shares from Testa Residencial and Metrovacesa.

Iberian Property logoIberinmo logo
Iberian Property is the best platform for investment in Spain & Portugal. Created for those who seek reliable information about players and deals happening in Iberia. Through updated database, reports, market indicators and daily news, we report “Who’s Who” in Iberian Real Estate!. Iberian Property is also proud to organize the most important international real estate investors’ meeting in Iberia - Portugal Real Estate Summit!