Santander and Banco Popular join stampede to sell property servicers


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).

About Mark Stücklin

Mark Stücklin is a Barcelona-based Spanish property market analyst, and author of the 'Spanish Property Doctor' column in the Sunday Times (2005 - 2008).

3 thoughts on “Santander and Banco Popular join stampede to sell property servicers”

  1. Mike Kerr

    ..then maybe Banco Popular can use some of the 800million to repay the buyers it has stolen money from by issuing guarantees on off plan properties then refusing to honour them when the properties have been found to be illegally built!

    1. Anthony Coles

      Absolutely spot on…we are one of “the invisible Families” they are delaying payments on a Legal Bank Guarantee.
      We carry on the fight and will eventually win….no thanks to The Bank of Spain, Banco Poplar, the EC and any other regulatory body burying their heads in the sand.

Leave a Reply