Spain’s Santander (SAN.MC) has agreed to sell a portfolio of distressed loans with a gross value of 1.1 billion euros ($1.21 billion) to U.S. private equity fund Cerberus and real estate loan manager Axactor, Expansion reported on Friday.
The loan portfolio, dubbed ‘Spirit project’, includes personal loans, some mortgages, and loans to medium and small companies, Expansion said, citing unidentified financial sources.
Expansion did not mention the price or potential discount on the sale of the portfolio, but said the transaction was split into two tranches.
The first loan portfolio, of around 660 million euros, was sold to Gescobro, a Spanish unit of Cerberus, and the second, of around 440 million euros, to Axactor, it said.
Santander declined to comment, while Cerberus and Axactor did not immediately reply to a request for comment……
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