Spain's Banco Bilbao Vizcaya Argentaria SA (BBVA) has set up a new business unit that will group together EUR30 billion in assets tied to Spanish real estate, financial daily Expansion reported Monday, citing sources at the bank.

The unit, which is led by Antonio Bejar, includes loans to property developers, assets the bank has foreclosed on and equity stakes in real estate companies, Expansion says.

BBVA plans to keep most of the assets on its books until the cycle turns and it can sell with a profit. Some 20% of the assets are unlikely to recover in price and may be sold off in large packages to institutional investors, Expansion adds.

Website: http://expansionpro.orbyt.es/2011/11/13/inmobiliaria/1321202062.html

-By Christopher Bjork, Dow Jones Newswires; +34913958123; christopher.bjork@dowjones.com

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