9 July 2018
Banco Santander has placed a €6-billion portfolio of real estate assets on sale and is aiming to finalise a deal to transfer the assets before August begins, sources close to the process reported.
The sale of the Apple portfolio will allow the group chaired by Ana Botín to finally relieve the burden property-related assets have placed on its operations in Spain. Last summer, shortly after acquiring Banco Popular, Santander reached an agreement to sell Blackstone some 30 billion euros in real estate assets held by the rescued bank.
At that time, Santander opted to create a joint venture with the US fund, 49% owned by the bank, a formula that is “very likely” to be repeated in the current transaction, the sources consulted by Efe agree.
Banco Santander, which has declined to comment on the possible transaction, charged its executives with finalising the huge sale by the end of this month, sources close to the process added. Although there is significant appetite in the market for such assets, it will nevertheless be a major challenge to get it done in such a short time.
Original Story: Eleconomista.es – EFE
Translation: Richard Turner