A source told Reuters that La Caixa was on the final stages of talks to sell its property firm Servihabitat Gestion Inmobiliaria to TPG (formerly Texas Pacific Group). The deal was reportedly worth EUR 185 million or USD 224 million. La Caixa is a Spain-based financial firm while TPG is one of the largest private equity investment companies in the world.
The source also told Reuters that TPG would get a 51% stake in Servihabitat. "TPG is the finalist to buy Servihabitat, but there are some details still pending to close the deal," the source added. However, the transaction would not include the 12,000 property holdings of Servihabitat. La Caixa would continue to retain ownership of those.
Servihabitat is a subsidiary of Criteria, the holding company of La Caixa. A real estate company, Servihabitate also holds its own portfolio of properties. Reuters reported that La Caixa is the latest financial group in Spain to sell its real property firm to a foreign investor after the 2008 housing bubble, which sent Spain to recession.
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