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.