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Financials

BRIEF-Liberbank signs agreement with Bain y Oceanwood to reduce real estate assets

Oct 23 (Reuters) - LIBERBANK SA:

* SAID ON SUNDAY SIGNED BINDING AGREEMENT WITH BAIN CAPITAL CREDIT Y OCEANWOOD TO MANAGE, DEVELOP AND DISPOSE OF LIBERBANK’S PORTFOLIO OF PROPERTIES

* TO PARTICIPATE IN 9.99 PERCENT OF CAPITAL, BAIN CAPITAL CREDIT TO HOLD 80 PERCENT AND OCEANWOOD 10.01 PERCENT OF CAPITAL

* TO TRANSFER REAL ESTATE ASSETS WITH GROSS DEBT OF AROUND 602 MILLION EUROS

* 180 MILLION EUROS ARE LAND AND WORKS IN PROGRESS, 80 MILLION ARE TERTIARY AND 342 MILLION EUROS ARE RESIDENTIAL PRODUCT

* END OF OPERATION IS SCHEDULED FOR BEFORE DEC. 31

* TRANSACTION WILL ENABLE LIBERBANK TO REDUCE EXPOSURE TO REAL ESTATE ASSETS BY 800 MILLION EUROS IN SECOND HALF OF THE YEAR AND BY 1.05 BILLION EUROS SO FAR THIS YEAR

* SEES TO REPORT END-SEPT. FULLY LOADED CET 1 AT 12.2 PCT

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Further company coverage: (Gdynia Newsroom)

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