Banco Bilbao Vizcaya Argentaria SA Transfer of Real Estate business to Cerberus (6555D)
October 10 2018 - 11:09AM
UK Regulatory
TIDMBVA
RNS Number : 6555D
Banco Bilbao Vizcaya Argentaria SA
10 October 2018
Banco Bilbao Vizcaya Argentaria, S.A. ("BBVA"), in compliance
with the Securities Market legislation, hereby communicates the
following:
RELEVANT INFORMATION
Further to the relevant event published on November 29, 2017,
BBVA informs that, as of today, after obtaining all required
authorizations, BBVA has completed the transfer of its real estate
business in Spain (the Business) to Cerberus Capital Management,
L.P. ("Cerberus"). Closing of the transaction has resulted in the
sale of 80% of the share capital of the company Divarian Propiedad,
S.A. ("Divarian") to an entity managed by Cerberus.
Divarian is the company to which BBVA group has previously
contributed the Business provided that the effective transfer of
several real estate assets (REO's) remains subject to the
fulfilment of certain conditions precedent, as stated in the
referred relevant event. The final price payable by Cerberus will
be adjusted depending on the volume of REO's effectively
contributed.
BBVA estimates that the transaction will not have a significant
impact on BBVA group's attributable profit or the Common Equity
Tier 1 (fully loaded).
Madrid, October 10, 2018
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END
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