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Santander Cancel Sale of Property Portfolio

Source: El Mundo - Wed 26th Oct 2011

El Mundo Newspaper has reported this morning that Banco Santander have canceled the sale of a number of properties in their real-estate portfolio after receiving much lower bids than they initially expected. The newspaper did not name their source, but is believed to be somebody close to Santander.

Santander was rumoured to be in talks with a number of private equity funds who were interested in the properties, but the parties involved failed to agree on the value of the properties in question.

El Mundo reported how Santander was hoping to release around 30% of it's total portfolio, valued at over EUR3 billion, but the best bids recieved would have meant them selling at a 60% discount.

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