Spanish lender Banco Santander may be close to selling its real-estate company Altamira Real Estate, in what has been labeled the "real-estate deal of the year" by Spanish daily Expansión.
Non-binding offers are expected in the coming days and may include bids from large international funds such as Cerberus, Centerbridge, Apollo and Lone Star.
The Altamira deal is dubbed 'project bison,' after the prehistoric paintings located at the Altamira caves near the northern Spanish city of Santander, from which the group´s Chairman, Emilio Botín, hails.
Up to 10 foreign investors are reported to be interested in the company, including its real-estate management platform, with its approximate 300 employees and an exclusive contract for the sale of apartments for a decade.
Several Spanish banks have been letting go of their property management operations in order to refocus on their core business.
"These types of deals are a very good sign - no one buys a platform to stay in a country for a year," said Fernando Acuna of property management firm Taurus Iberica.
"These will give the funds a deep knowledge of what is going on (...) and allow them to manage other assets which they might buy but which don't belong to the bank."
Shares of Banco Santander were down 1.5% to €5.99 on Monday morning in Madrid.
Source: LiveCharts
Non-binding offers are expected in the coming days and may include bids from large international funds such as Cerberus, Centerbridge, Apollo and Lone Star.
The Altamira deal is dubbed 'project bison,' after the prehistoric paintings located at the Altamira caves near the northern Spanish city of Santander, from which the group´s Chairman, Emilio Botín, hails.
Up to 10 foreign investors are reported to be interested in the company, including its real-estate management platform, with its approximate 300 employees and an exclusive contract for the sale of apartments for a decade.
Several Spanish banks have been letting go of their property management operations in order to refocus on their core business.
"These types of deals are a very good sign - no one buys a platform to stay in a country for a year," said Fernando Acuna of property management firm Taurus Iberica.
"These will give the funds a deep knowledge of what is going on (...) and allow them to manage other assets which they might buy but which don't belong to the bank."
Shares of Banco Santander were down 1.5% to €5.99 on Monday morning in Madrid.
Source: LiveCharts
