Santander 'to sell some property assets'

Spanish-based Banco Santander SA is reportedly in talks with two interested parties about selling some of its property portfolio.

Expansion, a Spanish-language news publication, reported on comments made by a source close to the negotiations, who claimed that the major sticking point was over price.

Santander is apparently aiming to sell one-third of its Spanish real estate assets for €3 billion (£2.6 billion) - but so far €1.3 billion is the highest offer it has received.

It is believed that two private equity funds are currently in talks with the financial institution over the sale of its property assets, although neither of these has been named.

Earlier this month, two of Spain's regional governments announced they intended to sell part of their real estate portfolios in a bid to raise money that can go towards cutting their respective budget deficits.

Bloomberg revealed that Catalonia and Andalusia are aiming to offload $1.3 billion (£825 million) worth of property assets by the end of this year.
 

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