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Spain's Kutxabank sells property business

Source: Reuters - Thu 18th Dec 2014
Spain's Kutxabank sells property business

Mid-sized, unlisted Spanish lender Kutxabank said on Thursday it had sold its property management arm and about half the real estate assets on its books to U.S. investment firm Lone Star for EU930 Mln.

The deal is the latest in this sector in Spain, and one of the largest so far. International investment groups have been buying property management businesses from Spanish banks such as Santander and Popular in recent months.

The lenders want to put the worst of a real estate crash behind them while the funds hope to earn fees from managing loans and housing sales.

Basque-based Kutxabank's real estate management platform is known as Neinor.

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