LONDON (ShareCast) - Spanish banking giant Santander (Madrid: SAN.MC - news) is in the final stage of a foreclosed property sale to Morgan Stanley Real State for €700m. The portfolio is apparently comprised of higher quality and completely finished property. The bank had initially planned to offload €3bn in property. Analysts at Ahorro Corporacion explain that this deal will not have much of a financial impact on the bank's balance sheet because it makes up less than 10% of the €8.5bn of foreclosed properties that it has in Spain. "The important thing would be to know the average discount applied to close the deal, which is likely less than the 80% required by other specialised funds (Cerberus, Apollo, and Carval) that have expressed interest in the property," they said. By 09:23 in Madrid, shares of Santander were up 0.9% at €6.52. N.A.
Credit cards
0% balance transfers up to 24 months, 0% purchases up to 15 months - compare 200+ credit cards insta … More »Credit cards
There are no comments yet