Spain's Banco Popular announced on Monday the sale of its property management units to two US-based investment firms. Varde Partners and Kennedy Wilson will purchase the unit for an undisclosed amount. This was according to a report published by Reuters.

In the announcement, Popular mentioned that it will still retain a minority stake in the bank. The firm also said the transaction would be closed in the next few weeks, the report said.

The unit in question manages around ERU15.8 billion (USD21 billion) worth pf repossessed real estate and property-related loans. Under the terms of the deal, the said unit will be managed by a new group controlled by Varde Partners and Kennedy Wilson. Popular said it will also participate in the new group, Reuters reported.

Banco Popular is a commercial bank based in Spain. The bank deals with commercial banking, insurance activity, asset management, and corporate and markets. The bank is a parent company of a group that controls several entities, which is Grupo Banco Popular, according to its profile on Reuters.