Banco Bilbao Vizcaya Argentaria SA said July 31 that it sold a Spanish loan portfolio to an affiliate of Cerberus Capital Management LP.

The portfolio, which has a gross nominal value of about €600 million, includes loans from real estate developments throughout Spain, with the largest number in Andalusia, Madrid and Catalonia.

BBVA has reduced its net portfolio of noncore real estate to about €8.2 billion, or by about 20% during 2017 so far.

On July 27, BBVA reported second-quarter net attributable profit of €1.11 billion, down slightly from €1.12 billion in the year-ago period.