Spain's Bankia sells property management arm to U.S. fund Cerberus
MADRID, Sept 3
MADRID, Sept 3 (Reuters) - Spain's state-rescued lender Bankia on Tuesday said it had sold its property management arm to U.S. fund Cerberus at a price of between 40 million euros ($53 million) and 90 million euros depending on the execution of the unit's business plan.
The lender, which received 18 billion euros in European aid after it was brought low by its massive exposure to a collapsed real estate market, said the properties and the loans - most of them already transferred to Spain's "bad bank" - were not part of the sale.
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