April 11, 2014 / 1:21 PM / 3 years ago

Spain's Catalunyacaixa sells property arm to Blackstone

MADRID, April 11 (Reuters) - Spain's state-owned bank CatalunyaCaixa said on Friday it is selling its real estate platform CXI to U.S. private equity fund Blackstone for up to 40 million euros ($56 million).

Blackstone will keep on the workers at CXI, which manages foreclosed properties that are now owned by the bank as well as soured loans to property developers and builders, CatalunyaCaixa said in a statement. ($1 = 0.7204 Euros) (Reporting by Sonya Dowsett; Editing by Fiona Ortiz)

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