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BBVA completes sale of 80% stake in Spanish real estate business to Cerberus

Banco Bilbao Vizcaya Argentaria SA has completed the transfer of its Spanish real estate business to Cerberus Capital Management LP.

The Spanish bank sold an 80% stake in Divarian Propiedad SA to an entity managed by the U.S. private equity firm. The deal was previously valued at about €4 billion but BBVA said the final price "will be adjusted."

The bank does not expect the deal to have a significant impact on its fully loaded common equity Tier 1 ratio.