Spain’s “bad bank” said Thursday it had chosen major investment firms Apollo Global Management, TPG Capital Management and Cerberus Capital Management to market and sell about €41 billion worth of property assets on its behalf.

The job will give the three US firms commissions and insight into Spain's recovering real estate market. The bad bank, known by its Spanish acronym Sareb, chose Spanish bank Banco de Sabadell last month to manage the disposal of assets worth about €7 billion.