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Sabadell sells portfolio for €314M
07 August 2019 | Vanessa Sousa

Banco Sabadell sold a real estate portfolio for 314 million euro to a subsidiary of Cerberus Capital Management, with Cerberus owning 80% of the shares and Banco Sabadell owning the remaining 20%.

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The portfolio is named Rex and its net book value is approximately 342 million euro, over which are applied net allowances of approximately 20 million euro.

This operation «will imply the transfer of the real estate assets’ control and, as a consequence, its removal from Banco Sabadell’s balance sheet», mentions the release sent by the bank to the Comisión Nacional del Mercado de Valores (National Securities Market Commission).

And it should thus contribute «in a positive way to improve Banco Sabadell’s yield», according to the same document.