BBVA Finalises the Sale of €500 Million in Loans and Properties to KKR and Fortress

The bank chaired by Carlos Torres is seeking to divest loans and real estate worth 500 million euros in an operation known as Project Dakar.

BBVA is finalising the sale of Unnim’s toxic assets to the funds KKR and Fortress. Both companies have entered the final phase of Project Dakar, through which the bank is seeking to divest loans and properties valued at 500 million euros, according to El Confidencial.

Over the coming weeks, BBVA and its advisor, Alantra, will choose the winner of the auction. The bank acquired Unnim in March 2012, in an auction run by the Restructuring Fund (FROB) following the rescue of the former Catalan savings banks: Manlleu, Sabadell and Terrassa.

Read the full article in Spanish.