Santander set to sell 12,000 spanish flats to ny investors

The Spanish Banco Santander banking group is widely reported to be in talks to sell approximately 12,000 repossessed Spanish apartments to a group of Wall Street investment funds.

Cerberus Capital Management LP and Goldman Sachs Group Inc are understood to be bidding against a Morgan Stanley fund, say the reports, which cited unidentified sources close to the talks.

Santander still has about €6 billion of property to sell, according to the reports this week. Santander’s press office has declined to comment on the rumours.

The 12,000 properties concerned are thought to be worth up to €3bn. Santander is still hampered with a real estate portfolio worth €8.33bn – all of which it has acquired since the credit crunch of 2008. It remains keen to tidy up its balance sheet by selling off the properties.

Source: OPP.org.uk