Spain's Banco Bilbao Vizcaya Argentaria SA reached an agreement to sell a €1 billion property development loan portfolio.

BBVA said the deal all but finishes the bank's process of removing from its balance sheet the real estate assets and nonperforming loans related to brick-and-mortar that it accumulated during the financial crisis.

A source close to the matter told Reuters that the buyer is the Canada Pension Plan Investment Board.