Spain's Bankia Sells Property Management Arm To Cerberus

Law360, New York (September 03, 2013, 6:03 PM ET) -- Spanish bank Bankia SA has agreed to transfer the management of its real estate business to U.S. private equity fund Cerberus Capital Management LP for a price between €40 million and €90 million ($52.7 million and $118.5 million), depending upon compliance with the company's business plan, Bankia announced Tuesday.

Cerberus will take control of Bankia Habitat, its real estate assets and part of a portfolio of real estate loans currently held by the BFA-Bankia Group, according to Bankia. The private equity firm will also take over...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required