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The Real Estate Firm Owned by Cerberus and BBVA Doubles its Losses to €89 Million

Divarian Property, heir of the former entity Anida Inmobiliaria, registered losses of 89 million euros in 2020, compared to 48 million euros in 2019.

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Divarian Propiedad, the real estate company owned by Cerberus and BBVA, closed the 2020 financial year with losses amounting to 89 million euros, according to the entity’s annual accounts. That result almost doubles the losses it registered a year earlier, which amounted to 48 million euros, according to El Confidencial.

Specifically, Cerberus controls 80% of Divarian Propiedad’s capital and BBVA the remaining 20%, a stake that requires the entity to include the subsidiary’s results in its annual accounts. However, adjustments may still be made to the figure reported by BBVA, something that happened in 2019, when Divarian recorded losses of 37.5 million in its annual report, compared to the losses of 48 million euros that the bank had previously reported.

Read the full article in Spanish.

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