Spain’s Banco Sabadell Said to Plan Sale of Solvia Property Unit
Banco Sabadell SA (SAB) wants to sell its Solvia real estate unit as Spanish lenders step up efforts to divest property assets, two people with knowledge of the plan said.
Sabadell may hire advisers in the fourth quarter to help it sell Solvia, said one of the people, who asked not to be identified because the information isn’t public. A spokesman for the bank, based in Sabadell, Spain, wasn’t immediately available to comment.
Sabadell, which this week announced a plan to raise 1.38 billion euros ($1.8 billion) of capital, is among Spanish lenders trying to offload real estate assets that were added to their balance sheets when loans to developers went bad during Spain’s six-year property slump. Investors have begun to buy assets linked to real estate in Spain. The country’s bad bank agreed to sell a majority stake in a portfolio of almost 1,000 homes in August and Bankia agreed earlier this month to cede management of its real estate business to a unit of Cerberus Capital Management LP.
Banco Popular Espanol SA (POP), Spain’s sixth-biggest bank, hired KPMG to seek potential buyers for its real estate business, known as Aliseda, a person with knowledge of the sale process said. Banco Santander SA, Spain’s biggest bank, is also seeking a buyer for its property division, El Confidencial news website reported today.
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