US private equity firm Apollo Global Management has acquired Altamira, the unit that manages foreclosed loans and Spanish real estate for banking group Santander.

US private equity firm Apollo Global Management has acquired Altamira, the unit that manages foreclosed loans and Spanish real estate for banking group Santander.

Banco Santander, Spain's largest bank, confirmed on 3 January that it had concluded the sale of Altmira. The purchase price was not disclosed by either party but media reports put it at €664 mln.

The bank had previously reported in November 2013 that it had signed an agreement in principle to sell the real estate platform to Apollo European Principal Finance Fund II, a fund managed by subsidiaries of New York-listed Apollo.

The real estate assets and credit portfolio will remain on Santander’s balance sheet. Both will continue to be managed by Altamira, but the platform will be owned by Apollo. The transaction was the result of a bidding process, during which a large number of investors expressed an interest in the platform, Santander said.