Banesto contributes with properties worth 392 million Euros to Altamira.

Altamira Real Estate, the main real estate company of Santander, closed 2012 with losses of 609 million Euros. Halfway through 2012, Altamira signed the merger through absorption with Mesena, the main real estate company of its subsidiary Banesto. After the integration and the operations of contribution of properties made by Banesto to comply with the financial reform of the Government, its participation in Altamira reaches 19,6%.

On the 28th December 2012 and according to the Law 8/2012 on restructuring and sale of the real estate assets of the financial sector, the contribution of non monetary capital from Banesto to Altamira took place (…) with the contribution of properties worth 392,45 million Euros”, the annual report indicates.

They were covered with 433,63 million Euros (52% in average), which increases their gross amount to 826 million Euros. “Simultaneously, the 28th December, Banesto sells to Santander 1,69 million shares of Altamira for a total price of 183,19 million Euros”, it explains.

Along with Mesena, Banesto created the real estate company Promodomus, joint company with Reyal Urbis, who requested the creditor´s meeting this week. Reyal owes Santander Group 550 million Euros and 150 million Euros to BBVA.

Santander has a real estate exposure of 23.705 million Euros.

Source: Expansión