8 January 2019 – El Economista
BBVA is continuing to divest property. This time with the sale of its stake in Avantespacia Inmobiliaria, the company that it constituted in 2016 to undertake real estate projects in Spain.
The entity has sold its remaining 30% stake in the firm to Inveravante, the holding company owned by the businessman Manuel Jove, the founding partner of the real estate company, who now owns the entire firm.
With this operation, Avantespacia “is strengthening its commitment to the residential real estate sector in Spain, with housing developments in the prime areas of the main provincial capitals of our country”, said the company in a note.
This operation forms part of a company restructuring process of the real estate division of Inveravante with the aim of “charting a global strategy, in accordance with the challenges that the sector poses for the future in both the domestic and international spheres”.
Jove’s company, founded in 2007 in A Coruña, divides its activity into different business areas, since in addition to real estate, it also works in the hotel segment, in selected agri-food products, and in the energy sector. Currently, the company has an international presence and operates in Morocco, Mexico, Brazil, Panama, the Dominican Republic, Canada, Germany and Romania.
BBVA has been one of the most active entities in the sale of loan portfolios, signing its most recent operation on 26 December with the sale of Project Ánfora to an entity managed by the Canadian pension fund CPPIB. Specifically, it sold a portfolio of loans comprising mainly doubtful and non-performing mortgage loans, with a live balance of approximately €1.49 billion (…).
Original story: El Economista (by Alba Brualla)
Translation: Carmel Drake