La Caixa to Sell off 12,000 Properties for 1,500 Million Euros

The Spanish savings bank La Caixa has put up for sale a package of 12,000 properties held by its Servihabitat company. Morgan & Stanley have been appointed to sell Servihabitat Gestión Inmobiliaria S.L., the company that manages the sale of the properties. The 1,500 million euros “value” of the 12,000 Spanish properties is 51% of the total, which is the percentage of the company that is actually for sale. La Caixa plans to remain in the company. Santander Bank tried a similar operation over a year ago, which ultimately failed due to differences over price.

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