Santander Reaches Preliminary Accord to Sell Altamira to Apollo

Banco Santander SA (SAN), Spain’s biggest bank, reached a preliminary accord to sell Altamira, a unit that handles loan recoveries and markets real estate, to Apollo Global Management LLC. (APO)

Santander expects the sale to Apollo European Principal Finance Fund II to close in the coming weeks and will disclose the price then, the Santander, Spain-based bank said in a filing to regulators today.

Investors are looking for ways to profit from a Spanish real estate crash that left the financial industry with more than 180 billion euros ($242 billion) of souring assets and left banks with the task of managing property piling up on their balance sheets.

The La Caixa banking group said in September it would sell 51 percent of its Servihabitat Gestion Inmobiliaria to TPG Special Situations Partners in a transaction that valued the real estate servicing company at about 310 million euros.

To contact the reporter on this story: Charles Penty in Madrid at

To contact the editor responsible for this story: Frank Connelly at

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