The properties are valued at €228 million, which gives an average price per asset of about €60,000.
With this operation, Unicaja is taking from its balance sheet more than 10% of its foreclosed assets. The group headed by Manuel Azuaga has around 2,100 million real estate assets inherited from the crisis, according to the latest official numbers. Almost three out of four floors are located in Andalusia.
The entity has a 63% coverage in this part of its problematic portfolio, so it could have valued the portfolio at €85 million without suffering disabilities. At these levels, it would enter a check of about €60 million from Axactor.
After the sale of 51% of the Popular asset to Blackstone and 80% of the real estate of BBVA to Cerberus.