Spanish savings bank Liberbank has agreed to sell a portfolio of toxic property assets worth €750 mln to Bain Capital, according to a report in El Confidencial.
The Spanish paper said that Liberbank ruled out a rival offer from KKR before agreeing to sell the properties to Bain for a price reflecting a discount of between 52% and 55% on the book value.
The portfolio is understood to contain only foreclosed properties, rather than non-performing loans.
According to the media report, the sales price means that Liberbank will have to recognise an additional loss as a result of the disposal, which should be partially covered by funds resulting from the €500 mln capital increase that the bank's shareholders approved this week.
