Cerberus Capital Management agreed to acquire €3.9 billion ($4.5 billion) in real estate assets from Banco Sabadell, the Spanish private bank said in a news release Thursday.
Banco Sabadell will transfer two portfolios consisting of distressed assets from development companies to newly incorporated companies. When the deal closes, Cerberus will own 80% interest in these companie and Banco Sabadell the remaining 20%. The transaction is subject to regulatory approval.
The transaction enhanced the profitability of Banco Sabadell Group, with a net impact of about €92 million, and a boost of around 13 basis points on the bank's capital ratio, Sabadell said in the release.
Cerberus has about $34 billion in assets under management