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Santander to Reimburse Property Fund Investors, Expansion Says

Dec. 4 (Bloomberg) -- Banco Santander SA will reimburse investors in its Santander Banif Inmobiliario FII fund, which it froze almost two years ago after a slump in the real-estate market prompted a rush of withdrawals, Expansion reported.

The fund has lost 11 percent of its value since it was blocked in March 2009 and the bank will refund the investors who decide to withdraw their money in March 2011, the newspaper reported, without citing anyone.

If all the funds investors decide to withdraw the operation will cost the bank between 2.35 billion euros ($3.14 billion) and 2.45 billion euros, the newspaper added.

To contact the reporter on this story: Sharon Smyth in Madrid at ssmyth2@bloomberg.net

To contact the editor responsible for this story: Sharon Smyth at ssmyth2@bloomberg.net

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