Catalunya Banc Sells Servicer to Magic Real Estate

12/03/2014 – El Confidencial

Catalunya Banc is finalizing  sale of CX Inmobiliaria to Magic Real Estate, a real estate property manager that also manages assets of Deutsche Bank and Blackstone, and advises Brookfield. (…) The transaction may involve €30 million. Magic Real Estate outbid other competitors, like Apollo or Cerberus.

This is the second attempt to sell CX Inmobiliaria as in February the fund Kennedy Wilson withdrew from the acquisition process.

The transaction forms a part of the bank´s  plan to shed all the non-strategic assets (including those transferred to Sareb) before its tender in autumn and gain €400 million from the sales.

 In fact, the assets will not be transferred to Magic Real Estate but a contract signed by both parts will allow Catalunya Banc outsource the real estate management, like Banco Popular or CaixaBank did.

Portfolio of CX Inmobiliaria is estimated at €7.800 million (…). The company presently leads in the market and has got branches in Portugal and Poland, let alone its presence across Spain. (…).

 

 

Original article: El Confidencial (Marcos Lamelas)

Translation: AURA REE

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