The Spanish Bank thereby continues its strategy to reduce exposure to the real estate sector, according to Expansión, after have purchased Popular Bank for €1, at the beginning of June, and had announced, at the start of July, the intention to raise €5,000 million with the sale of this 51% of the purchased portfolio. Now, and after the compliance with the competition rules, it has granted an exclusivity period to Blackstone to continue the negotiation, as indicated in a statement sent by Popular to CNMV.
“There’s a chance we may leave some money on the table, but our real estate exposure is too high. If possible we want to reduce it quickly”, said Santander CEO, José Antonio Álvarez, during the last Bank results presentation, quoted by the newspaper. “The most likely option is the sale of 51% of the portfolio. I believe we may sell the assets on market prices or even for a higher price”.
Newspaper Negócios reminds that the net value of Popular’ real estate portfolio is €9,700 million.
Photo: Expansión