The Spanish lender Banco Santander wants to sell a 51 percent stake in a staggering mortgage and property portfolio for $5.7 billion and identified the Blackstone Group, Apollo Global Management and Lone Star Funds as potential buyers, Bloomberg reported.
The portfolio encompasses around $34 billion, but many of the loans are troubled. Spain’s biggest bank paid 1 euro for the portfolio in June. E.U. regulators had previously warned that Banco Popular was “failing or likely to fail.”
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according to Santander website, the bank said it would raise 7 billion euros in capital and dispose of Popular’s non-performing assets over three years. Those include 29.8 billion euros of property assets and soured real estate loans [Bloomberg]