Cajasur Wipes Real Estate Assets Off the Books

11/04/2014 – ABC

At the end of 2013, Cajasur shed a considerable part of its property. Thanks to new legislation, the savings bank could sell part of the credit magnitude that pulled it down to bankruptcy.

In total, the entity sold four companies that gather all the unsuccessful investments carried out over the last decade: Sociedad de Gestión de Activos (SGA), Cajasur Inmobiliaria, Silene Activos Inmobiliarios and Prienesur. The purchaser is the bad bank of Grupo Kutxabank (a merger of BBK, Kutxa, Vital and Cajasur), Neinor Barria. The asset lot includes both unpaid mortgages and assets Cajasur received from resolved joint ventures with Arenal 2000 or Tremón. According to independent appraisers, the sale will bring around €112 million to the bank.

(…) The goal is to reduce holding of Kutxabank in the bad bank down to 30% by giving way to investors. (…).

 

 

Original article: ABC (by R.R.)

Translation: AURA REE

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