Lone Star acquires Bankia's real estate assets for 2,700m euros

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

Both companies created two new companies in December to manage and develop a portfolio of delinquent real estate assets and mortgages with a value of more than 3,000 million euros.

Lone Star keeps a portfolio of Bankia's assets for 2,703 million euros. The bank has closed the transfer of a portfolio of real estate assets and delinquent mortgages to the investment fund.

Specifically, the value of real estate amounts to 1,420 million and that of loans to 1,283 million euros, according to a relevant fact referred to the National Securities Market Commission (CNMV).

This operation is limited to the assets that belonged to the two companies created by Lone Star and Bankia in December 2018 to manage and develop a portfolio of delinquent mortgage assets and loans, which at that time was valued at 3,070 million euros, so joint.

The difference between the final transfer figure and the initial valuation, of 367 million euros, is due to “the organic recovery and the ordinary management of the assets that have taken place from the date of signature until this closing date”, According to the bank.

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

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