5 August 2019
Banco Sabadell has agreed to sell its developer, Solvia Desarrollos Inmobiliarios (Sdin), to the US-fund Oaktree. The sale, which includes a significant stock of land holdings, closed for 882 million euros and will generate an accounting gain of 23 million euros.
Sabadell split Sdin Residencial from the larger Solvia Real Estate before its sale to the Swedish group Intrum.
With this deal, Sabadell has practically eliminated toxic assets from its balance sheet, selling more than €12.5 billion in non-performing assets over the last year.
Thanks to the sales, Sabadell will now have a Tier 1 Common Capital Ratio of 11.6%, up from 11.2% in June. The bank hopes to reach 12% in 2020.
Original Story: Expansión – Sergi Saborit
Adaptation/Translation: Richard D. K. Turner