14 October 2019 – BBVA is looking to sell off up to a third of its approximately €1.3-billion portfolio of non-performing real estate assets. The Spanish bank acquired many of the assets during Spain’s financial and real estate crisis when BBVA bought up several of the country’s failing savings banks.
The bank is looking to rid itself of the €3.6 billion in foreclosed assets and €1.345 billion in shares of real estate companies, in addition to unpaid loans from SMEs and individuals valued at about €5 billion.
Some of the groups potentially interested in acquiring the assets include Cerberus, which already bought BBVA’s real estate business in 2018, Apollo, Blackstone, Bain Capital and Lone Star.
The sale, which consists of residential, commercial and land assets is still in its initial phase. However, the bank is looking to complete any sale before the end of the year.
Original Story: Business Insider – Adrián Francisco Varela
Adaptation/Translation: Richard D. K. Turner