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Banco Santander SA Signs Agreement in Principle to Sell its Real Estate Platform Altamira to Apollo Global Management LLC


Thursday, 21 Nov 2013 07:53am EST 

Banco Santander SA announced that it has signed an agreement in principle with Apollo European Principal Finance Fund II, a fund managed by subsidiaries of Apollo Global Management LLC (Apollo), to sell to Apollo the platform that handles loan recoveries for Banco Santander SA in Spain and manages and markets real estate assets related to this activity. The real estate assets and credit portfolio will remain on Banco Santander's balance sheet. Both will continue to be managed by the platform, but the platform will be owned by Apollo. The agreement in principle is the result of a bidding process, during which a number of investors expressed an interest in the platform. 

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8.5
0.22 +2.66%
21 Nov 2014