Spain's Popular sells property management unit to U.S. funds

MADRID Mon Nov 25, 2013 3:00am EST

MADRID Nov 25 (Reuters) - Spain's Banco Popular said on Monday it had agreed to sell its property management unit to U.S. based investment firms Kennedy Wilson and Varde Partners, though it will retain a minority stake in the business.

Popular, which did not disclose financial details of the deal, said it would close in the coming weeks.

The unit, which manages around 15.8 billion euros ($21 billion) of property-related loans and repossessed real estate, will be run by a new group controlled by Kennedy Wilson and Varde Partners, in which Popular will also participate, the bank said. ($1 = 0.7394 euros)

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