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BBVA Sells 9 Properties From CX RE Fund For €37M

2 June 2017 – Europa Press

BBVA Asset Management has sold nine properties from the CX Propietat real estate fund for €37 million in total. That price is 20.96% lower than the most recent appraisal value of the aforementioned assets.

According to a statement filed by the asset manager with Spain’s National Securities and Exchange Commission (CNMV), this sale represents an “important step forward” in the liquidation of the CX Propietat fund. The fund filed for liquidation in September 2013, before BBVA acquired the former Catalan savings bank Catalunya Banc (CX).

The asset manager is going to continue making “its best efforts” to facilitate the complete liquidation of this fund “as soon as possible”, said the company to the supervisor.

According to sources at BBVA, once the sales process for the fund’s entire portfolio has been completed, the definitive liquidation value will be calculated.

Original story: Europa Press

Translation: Carmel Drake