14 December 2017 – El Confidencial
Another transaction involving the sale of real estate assets by one of the banks. Grupo Unicaja has sold a portfolio of 4,000 real estate assets, whose gross value amounts to €252 million, to the Norwegian player Axactor.
The foreclosed assets are divided into two companies in which the Andalucian entity will continue to control a 25% stake, whilst the other 75% stake will be taken over by the Nordic fund. The operation will not have a significant impact on Unicaja’s income statement, according to a report sent by the bank to the CNMV.
This agreement follows the path marked by Santander, which in the summer fired the starting gun for a generalised move in the sector towards the rapid deconsolidation of the bulk of its real estate exposure.
The entity chaired by Ana Botín transferred 51% of a €30 billion portfolio to Blackstone; BBVA then sold 80% of a €13 billion portfolio to Cerberus; and Liberbank recently sold 90% of a €600 million portfolio to Bain and Oceanwood.
Axactor and Unicaja have agreed that one of the entity’s subsidiaries, the company Gestión de Inmuebles Adquiridos (GIA), will be responsible for the administration and marketing of the properties.
Over the last year, Unicaja has reduced its non-performing assets by €1.19 billion, equivalent to 21% of the non-performing assets (most doubtful foreclosed assets) that it held on its balance sheet at the end of 2016.
Original story: El Confidencial
Translation: Carmel Drake