We offer all the tools necessary for landing the full scope of business you really deserve.
Feel free to call us: +34 617 369 878

Liberbank Transfers €180M in Toxic Assets to JV with G-P-Bolt

Posted by: In: Real Estate 21 May 2018 Comments: 0 Tags: , , , , , , , , , , ,
.

18 May 2018 – El Economista

Liberbank has transferred real estate assets with a gross accounting debt of around €180 million to a joint venture with G-P-Bolt, in which it will hold a 20% stake, according to a statement filed by the financial institution on Friday with Spain’s National Securities and Exchange Commission (CNMV).

This joint venture, in which G-P-Bolt will hold the remaining 80% stake, has been constituted with the purpose of managing, developing and owning a portfolio of foreclosed assets from Liberbank and its group.

Liberbank has highlighted that the close of this transaction, which has a neutral effect on its income statement, forms part of the strategy to reduce its non-performing assets (the most doubtful foreclosed assets), which has resulted in a decrease of €1.82 billion between 31 March 2017 and 31 March 2018, equivalent to a 30% reduction in its stock.

Finally, Liberbank has reiterated its objectives in terms of the quality of its assets communicated to the market and expects to achieve an NPA (non-performing assets) ratio of less than 12.5% by the end of this year.

Original story: El Economista

Translation: Carmel Drake

The post Liberbank Transfers €180M in Toxic Assets to JV with G-P-Bolt appeared first on Aura Real Estate Experts.

Source:: AURA Real Estate Experts

LinkedInFacebookTwitterGoogle+PinterestShare

Sorry, the comment form is closed at this time.