24/02/2014 – Expansion
The U.S. fund makes its alliance with Santander ultimate by setting Altamira Asset Management Holding up. Right now Apollo holds 100% of the company but 15% will be transferred to the bank. In turn, the newly created branch embraces Altamira Asset Management that administers collection of credits in litigation stage in Spain, granted by Santander, and sales or rent of the assets awarded to the bank. In January, Santander announced sales of 85% of Altamira to the U.S. fund for €664 million.
Apollo has invested in Spain more than €1.000 million so far (Altamira excluded). Namely, it bought the real estate assets of Evo Banco from NCG, Finanmadrid from Bankia and Avant Card from Bank of America. The fund declares readiness to invest another €1.000 in Spain in the upcoming years. (…).
Original article: Expansión (E.P.D.)
Translation: AURA REE