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Report: Bankia eyeing quick sale of BMN's real estate portfolio

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Report: Bankia eyeing quick sale of BMN's real estate portfolio

Spain's Bankia SA is considering a quick sale of the real estate portfolio of Banco Mare Nostrum SA, a smaller lender that it is in the process of acquiring, Cinco Días reported Oct. 11, citing sources familiar with Bankia's intentions.

The bank is planning to sell the assets to an opportunistic fund and has already been in touch with consultants and investment banks over a potential transaction, according to the report, which noted that BMN had €1.1 billion of foreclosed assets at the end of the first quarter.

Majority state-owned Bankia is scheduled to complete its acquisition of BMN, which is also state-owned, by year-end. Both banks were bailed out with some €24 billion of EU funds during the financial crisis, Bankia's bailout coming after an ill-fated 2011 IPO and amid a €19 billion loss in 2012.

Bankia is looking to carry out a transaction similar to the one effected by Banco Santander SA when it sold part of the real estate assets of Banco Popular Español SA to a fund operated by Blackstone Group LP, the report noted.