The biggest euro zone bank by market capitalization Santander is looking to offload to foreign investors €3 billion worth of thousands of repossessed Spanish homes and plots of land, Financial Times reports. Interested buyers, such as the property funds of Cerberus Capital Management and Morgan Stanley, are seeking steep discounts on the transaction.
The Spanish lender may not strike a deal before the end of the year as it looks to protect its capital ratios. The bank’s foreclosed Spanish property assets, which include finished apartments, buildings under construction and land repossessed from homebuyers and developers, were worth €8.3 billion as of June-end.
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Financial Times Cerberus Capital Management euro zone Santander Spain