Altamira Seeks Go-Ahead from ECA to Buy Banif’s Real Estate Business

11 September 2017

A go-ahead by the regulator for the deal is the last step that must be taken to finalise Altamira’s acquisition of the former Banif’s real estate business in Portugal. Proteus, an asset management company owned by the Apollo fund and Banco Santander, has just notified the European Competition Authority (ECA) of its intention to acquire Oitante’s real estate asset management operations.

The assessment of the competitive impact of the merger concerns “the acquisition of sole control of Oitante’s real estate asset management business by Proteus Asset Management, Unipessoal, Ltd,” according to the announcement published this Monday, September 11th.

The sale of the assets that Santander Totta did not take on together with its purchase of Portugal’s Banif was made public in April. The Portuguese asset management vehicle sold its real estate asset management unit and the distressed debt portfolio manager to Altamira. In addition, Oitante finalised a service agreement in which Altamira will be responsible for managing and selling real estate and NPLs valued at 1.5 billion euros, which remain on the special-purpose vehicle’s balance sheet.

Who are the new owners?

The deal is being consummated through Proteus, is a company that is mainly engaged in the management of real estate loans and portfolios, and which is 100% owned by Altamira Asset Management, SA.  Altamira in turn, is controlled by “investment funds managed by affiliated companies of Apollo Management, LP, an asset manager, active as well as in the management and sale of real estate in Spain,” read the note to ECA.

American asset management fund Apollo’s 85% controlling interest is joined by Banco Santander’s 15% participation. In Portugal, Apollo is currently active in the insurance area.

Oitante’s debt and real estate management business focuses on distressed debt and real estate assets. The operations are currently part of Oitante, which is owned by Portugal’s Resolution Fund.

Original Story: idealista

Translation: Richard Turner