28 July 2019 – Richard D. K. Turner
Bankia has finalised the transfer of a portfolio of foreclosed properties and non-performing loans to companies controlled by the Lone Star XI Fund.
The final value of the portfolio of foreclosed real estate assets has an approximate gross accounting value of 1.42 billion euros, while the portfolio of non-performing loans is worth approximately €1.283 billion. The total size is slightly lower than originally announced due to recoveries since the deal was signed.
The transaction with Lone Star involves the creation of a new company which will hold the assets and be 20 percent held by Bankia and 80 percent by Lone Star Fund XI.
Original Story: Expansión