Spain's Santander nears Altamira sale to Apollo: sources

MADRID Thu Nov 21, 2013 5:53am EST

A man walks past a Santander bank branch in Madrid October 11, 2013. REUTERS/Juan Medina

A man walks past a Santander bank branch in Madrid October 11, 2013.

Credit: Reuters/Juan Medina

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MADRID (Reuters) - Spain's Santander (SAN.MC) is nearing a deal to sell its property management unit Altamira Real Estate to U.S. private equity group Apollo Global Management (APO.N), two sources familiar with the situation said on Thursday.

The deal, which would involve Apollo taking over the unit and getting a contract to service properties and real estate loans owned by Santander, is worth around 700 million euros ($942.44 million), the sources said.

The value could still change, however, as negotiations are still ongoing.

Santander declined to comment.

(Reporting by Sarah White, Editing by Julien Toyer)

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