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Banco Sabadell sells real estate unit to Oaktree Capital Management for €882M

Banco de Sabadell SA sold its 100% stake in real estate unit SDIN Residencial SLU and a pool of real estate assets to a company controlled by funds managed and advised by Oaktree Capital Management LP for a total amount of €882 million.

The Spanish lender noted the real estate assets are mainly land for urban developments.

The deal, which is subject to approval from the relevant authorities, is expected to generate an estimated after-tax profit of €23 million in 2019 and a positive impact of 7 basis points on the bank's fully loaded common equity Tier 1 ratio.

Separately, Banco Sabadell said it reached an agreement to sell a portfolio of real estate assets to an affiliate of Cerberus Capital Management LP for €314 million, involving net provisions of roughly €20 million.

The portfolio, which has a net book value of about €342 million, is 80% owned by Cerberus, while Banco Sabadell owns the remaining 20%.

The deal, which is subject to relevant precedent conditions, is expected to improve the bank's profitability and have a neutral impact on its fully loaded CET1 ratio.