Apollo Sells Altamira to DoBank (Fortress) for c. €500M
31 December 2018 - Expansión
Expansión revealed in October that Apollo had engaged Goldman Sachs to sell the servicer that manages the real estate assets of Santander and Sareb for around €600 million.
Altamira has assets under management amounting to approximately €55 billion and operates in Spain, Portugal, Cyprus and Greece. The company’s estimates indicate that it will obtain revenues of around €255 million in 2018 and an operating profit before amortisation (EBITDA) of €95 million.
Altamira’s main value stems from the long-term contract that it holds with Santander, as well as the management of Sareb’s assets (the latter account for almost 30% of the total value of its assets under management).
At the moment, Sareb is analysing whether or not to renew its contracts with all of the servicers with which it works, but Altamira has been diversifying its client base for months, incorporating domestic and international players alike.
Apollo in Spain
During the last quarter of 2018, Apollo Global Management has exited two of the major investments that it has made in Spain over the last four and a half years: Evo Banco and Altamira.
Despite that, Fred Khedouri, a senior partner at Apollo, President of the Investment Committee of the European Principal Finance Fund and President of the Board of Altamira, has already told Expansión that the European Principal Finance Fund III is “going to invest in Spain”, with almost USD 5 billion at its disposal.
Original story: Expansión (by D. B.)
Translation: Carmel Drake