The real estate (RE) unit of Morgan Stanley is near purchasing a package of repossessed homes and pieces of land in Spain worth €3 billion, Property Week reports. Spanish lender Banco Santander is selling the assets.
The seller has favored Morgan Stanley’s offer over that of Goldman Sachs, which bid along with private equity firm Cerberus Capital Management. It is estimated that Morgan Stanley offered €1.2 billion as compared to a below €1 billion bid by the competing duo.
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Banco Santander Cerberus Capital Management Morgan Stanley Santander RE Assets Spain