• Transaction / Assets
    80% of Solvia
  • Seller
    Banco Sabadell
  • Buyer
  • € MM

Banco Sabadell Sells 80% of Solvia to Intrum for €300M

14 December 2018 – Diario Financiero

Banco Sabadell announced today that it has agreed the sale of 80% of its real estate manager Solvia to the Nordic fund Intrum, in an operation that is going to generate €138 million of profits for the bank, which will go some way to strengthening its capital.

The real estate management platform has been valued for the operation at €300 million, and that amount may increase by a second amount of up to €40 million if the conditions established for the evolution of certain lines of business are met, according to a report filed by the bank today with Spain’s National Securities and Markets Commission (CNMV).

The transaction will strengthen the bank’s most demanding capital ratio (the fully loaded CET 1) by 15 basis points, due to the generation of the aforementioned profits of €138 million.

The Intrum group has been awarded the manager through its company Lindorff Holding, fighting off competition from the Arab fund Centricus and Haya Real Estate, the platform owned by Cerberus.

Solvia manages the divestment of non-performing assets by Sabadell, together with portfolios of the bad bank or Sareb.

Original story: Diario Financiero

Translation: Carmel Drake