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Report: Banco de Sabadell in talks to sell €3.3B of real estate assets

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Report: Banco de Sabadell in talks to sell €3.3B of real estate assets

Spain's Banco de Sabadell SA is negotiating deals to sell two portfolios of toxic real estate properties worth roughly €3.3 billion, Reuters reported, citing a "source with knowledge of the deal."

The bank is in initial discussions for €2.4 billion of foreclosed properties and other assets, and close to sealing a separate deal for 900 million worth of nonperforming real estate loans, the publication noted, citing the source.

Banco de Sabadell is looking to sell soured real estate assets worth more than €6 billion by 2020, according to the report, which noted that lenders in Spain often sell bad assets at a roughly 60% discount from face value, despite the recent recovery of the country's property market.

Banco de Sabadell and KPMG, the bank's adviser on the deals, declined to comment, Reuters said.