Spain's Liberbank SA agreed to sell real estate unit Mihabitans for €85 million to Promontoria Holding, the owner of real estate management company Haya Real Estate.

Under the agreement, Haya will exclusively manage the real estate assets of Liberbank and its subsidiaries for a period of seven years. Liberbank said the sale is part of its strategy to reduce its exposure to real estate.

Promontoria is owned by Cerberus Capital Management LP.