BBVA To Reduce Its Non Core Real Estate Assets In Spain - Quick Facts

(RTTNews) - BBVA announced an agreement with a subsidiary of Cerberus Capital Management, L.P. to create a joint venture for its real estate business in Spain. On the closing of the operation, BBVA will sell an 80% stake in the JV to Cerberus for about 4 billion euros.

BBVA CEO Carlos Torres Vila said: "This transaction is extremely important, because it significantly reduces our exposure to a non core business, and it allows us to strengthen our transformation process."

BBVA said, as of now, the transaction is not expected to have a significant impact on the Group's attributable profit.