MADRID, Dec 18 (Reuters) - Mid-sized, unlisted Spanish lender Kutxabank said on Thursday it had sold its property management arm and about half the real estate assets on its books to U.S. investment firm Lone Star for 930 million euros ($1.14 billion).
The deal is the latest in this sector in Spain, and one of the largest so far. International investment groups have been buying property management businesses from Spanish banks such as Santander and Popular in recent months.
The lenders want to put the worst of a real estate crash behind them while the funds hope to earn fees from managing loans and housing sales.
Basque-based Kutxabank’s real estate management platform is known as Neinor. ($1 = 0.8143 euros) (Reporting by Jesus Aguado, Writing by Sarah White, Editing by Tracy Rucinski, editing by David Evans)