November 21, 2013 / 10:55 AM / in 4 years

Spain's Santander nears Altamira sale to Apollo: sources

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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