August 7, 2013 / 3:17 PM / 4 years ago

Spain's Catalunya Banc sells property arm to U.S. funds

MADRID, Aug 7 (Reuters) - Spain’s nationalised Catalunya Banc said on Wednesday it had agreed to sell its property management unit to U.S. investment funds Kennedy Wilson and Varde Partners.

The business has over 8.7 billion euros ($11.6 billion) of assets under management, Catalunya Banc said, adding that these included properties transferred to a government-backed “bad bank” known as Sareb.

It did not disclose a sale price. ($1 = 0.7513 euros) (Reporting by Sarah White, Editing by Clare Kane)

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