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Slim snaps up Caixabank Spain real-estate portfolio

Tuesday, December 18, 2012

Spain's Caixabank said it had sold a property portfolio to Mexico's tycoon Carlos Slim in the latest sign that disposals of distressed assets are starting to pick up in Spain.

Under the deal, Caixabank will sell 439 real estate units to a Spanish subsidiary of Mexico's Inmobiliaria Carso for $564 million. The lender will book gross capital gains of $263 million.

Caixabank owns 20 percent in the Mexican financial group Inbursa, controlled by Slim, who in turn is a minority shareholder of the Spanish lender.

Source: Reuters