Santander confirms sale of Altamira property management unit to Apollo-Reuters

(Reuters) – Spain’s biggest bank Santander on Thursday said it had reached an preliminary agreement to sell its property management unit Altamira Real Estate to U.S. private equity group Apollo Global Management.

Santander did not say how much Apollo would pay to take over contracts to service properties and real estate loans owned by the lender, but sources with knowledge of the matter told Reuters earlier on Thursday that the deal could be worth around 700 million euros ($942 million).