- Portfolio comprises 35,700 residential properties, including parking and storage.
MADRID, 20-Sep-2018 — /EuropaWire/ — Banco Santander has reached an agreement with an affiliate of Cerberus Capital Management, L.P. (“Cerberus”) for the sale of a portfolio of residential properties for 1.535 billion euros, representing 55% of its gross book value. 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.
This transaction has been structured through the transfer of the portfolio to one or more newly incorporated companies (“NewCo”), the share capital of which will be contributed and/or transferred so that the Cerberus affiliated investor, directly or indirectly, owns between a 51% and 80% interest in the NewCo, with Banco Santander holding the remaining interest. The exact percentage participations in the NewCo will be determined prior to closing.
This transaction, which has no significant impact on capital and results for Banco Santander, is expected to be completed by the end of this year or during the first quarter of 2019 once the conditions regarding the portfolio and the transaction have been satisfied.
SOURCE: Banco Santander S.A.
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