Spanish banking giant Santander has purchased a 51% stake in Banco Popular's real estate arm Aliseda for €180 mln.
Santander purchased the failing Banco Popular at the start of June for €1, which included a 49% share in Aliseda.
The deal with Värde Partners and Kennedy Wilson venture for the remaining 51% brings the property business back under Popular's complete control.
Santander said it planned to start selling a portfolio of delinquent real estate loans and foreclosed assets valued at €30 bn in its strategy for the bad bank. Currently, Popular owns almost €37 bn in non-performing assets.
The repurchase is expected to close during the third quarter of the year and will involve a total expenditure of €302 mln.
Property business Aliseda divested around 11,000 assets in 2015, with a turnover of around than €2 bn. In 2014, it sold 8,600 properties for €1.5 bn.
