Spain’s Liberbank agrees on €750m property sale to Bain

Liberbank has agreed to sell its real estate portfolio to a fund managed by Bain Capital for €750 million ($885 million).

The bank has €3.12 billion ($3.68 billion) in foreclosed assets on its balance sheet, with a coverage of provisions of 40 percent, of which €1.7 billion is related to prompt house and €480 million ($566 million) for projects under construction, while €402 million ($474 million) refer to offices and logistics warehouses.