Spain's Bankia Sells Property Management Arm To Cerberus

Law360, New York (September 3, 2013, 6:03 PM EDT) -- 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...
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