BBVA has sold its last stake in Divarian, formerly Anida, to Cerberus. The financial institution exercised a put on its 20% stake for between 500 and 600 million euros.
The US fund already held the remaining 80%. At this point, Cerberus may potentially merge some of its companies in Spain, such as Haya Real Estate.
The first sale agreement dates back to 2017 when BBVA sold 80% of its real estate business. At the time, it was valued at €13 billion. In the same year, Blackstone acquired 30 billion euros in real estate assets from Banco Santander.