Most Spanish banks have now sold or announced plans to sell all or part of their real estate servicing companies to foreign funds.
Banco Popular has just announced plans to sell its real estate servicing company Aliseda to Kennedy Wilson and Värde Partners in a deal worth approximately 800 million Euros, according to Spanish press reports.
The announcement comes hard on the heels of news earlier this month that Santander plans to sell its real estate servicing arm Altamira to the US fund Apollo in a deal worth close to 700 million Euros, according to press reports.
In both cases, the banks will keep the properties and loans on their books, whilst the servicers recover unpaid mortgage debts and manage homes sales for the banks.
Earlier this year Caixabank sold its real estate arm Servihabitat to the US fund TPG, whilst Kennedy Wilson and Värde Partners bought CXI from Catalunya Caixa. Most of the property servicers set up by the banks when the crisis first hit are now in foreign hands (see following table).