Bancolombia S.A. announces the sale to CMB S.A. of 67.42% of its interests in a real estate property located in the Chambacu sector in Cartagena, Colombia.
The sale price amounted to Ps. 22,531,764,000 (approximately US$ 9,720,346.85)* and has been already paid to Bancolombia. Bancolombia also made an in-kind contribution to CMB S.A., of its rights in the trust Lote Chisa 2C, which is managed by Fiduciaria Bancolombia S.A. The Trust’s only asset is a real estate property located in the Chambacu sector in Cartagena, Colombia.
Also Bancolombia sold mortgage loans, in Pesos, to Titularizadora Colombiana S.A. amounting to approximately Ps. 83,737 million (approximately US$ 36.1 million)*. These mortgage loans will be secured by Titularizadora through the issuance of mortgage-backed securities.
The main goal of this transaction is to continue the transfer of Bancolombia’s mortgage loans to the capital markets.
* Exchange Rate for 1 December 2008. Ps. 2,318.00 = 1US$
L.D.