Santander to Sell Portfolio of Residential Properties to Cerberus
September 19 2018 - 11:32AM
Dow Jones News
By Pietro Lombardi
Banco Santander SA (SAN.MC) has reached an agreement to sell a
portfolio of residential properties to an affiliate of Cerberus
Capital Management LP (CRP.XX) for about 1.54 billion euros ($1.80
billion), it said Wednesday.
The price corresponds to 55% of the portfolio's gross book
value, the Spanish bank said.
"This portfolio of foreclosed properties consists of 35,700
residential properties and associated parking and storage and will
be serviced by Haya Real Estate, a property-management company
affiliated with the Cerberus group," it said in a statement.
The bank expects the deal to be completed by the first quarter
of next year, and doesn't see it having a significant impact on
results and capital.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
September 19, 2018 11:17 ET (15:17 GMT)
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