BBVA sells home loan and portfolio of assets to Unnim

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BBVA has entered into an agreement with a global investment fund company KKR (mainly through its KKR Private Credit Opportunities Partners III fund) to transfer the ownership of a portfolio of loans and real estate assets (called “Dakar”), with a gross value of around 700 million euros. The portfolio consists of two types of real estate loans (with and without mortgage guarantees) and REO (Real Estate Owned) assets.

Over the past three years, BBVA has carried out several loan portfolio sales operations, mainly real estate and mortgage loans. In December 2019, BBVA completed its two largest sales of written off loan portfolios: The sale of a portfolio with a gross value of approximately 2.5 billion euros (“ Juno ” portfolio) and the transfer of a portfolio consisting of loans to small and medium-sized enterprises (SMEs) from a gross value of approximately 2.1 billion euros (‘Hera Portfolio).

In December 2018 the bank finalized the sale of a portfolio of 1.2 billion euros (called ‘Ánfora‘) consisting mainly of mortgage loans (both non-performing and in default). In June 2018, BBVA has sold a portfolio of real estate development loans worth € 1 billion – called ‘Sintra‘- and in July 2017, it sold another portfolio of developer loans with a gross value of around 600 million euros, known as’Jaipur“.

In addition, in October 2018, following an announcement in November 2017, BBVA completed the transfer of its real estate activity in Spain to Cerberus Capital Management. The closing of the transaction resulted in the sale to Cerberus of an 80% stake in Divarian, the company created to transfer the real estate portfolio. BBVA kept the remaining 20%.

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