Apollo negotiates sale of Altamira to Fortress’ doBank

Apollo and its partners CPPIB and ADIA negotiate the sale of 85% of Santander Bank’s real estate platform to Fortress-owned doBank for €500M.

In January 2014, Apollo, CPPIB and ADIA paid €664M for 85% of the property platform although the vendors do not need to reach that figure as they have pocketed several dividends during their holding period. This group of shareholders hired Goldman Sachs early this year with the aim of ​​obtaining €600M, however, the lack of competition has reduced the price in recent weeks. Intrum, the Nordic fund that owns Solvia, withdrew from the competitive process consequently affecting price.

doBank was born in 2015 following the acquisition of UCCMB – Unicredit Credit Management Bank S.p.A. by funds affiliated to Fortress and in 2016 doBank acquired 100% of Italfondiario, one of the main operators in Italy in the field of outsourced management of performing and non-performing loans. This platform consists of doBank, Italfondiario, doRealEstate, doData and doSolutions and is already present in Portugal, Cyprus and Greece. The Italian company has positioned itself in recent days as the main candidate to buy 85% of Altamira with an offer of between €500M and €550M.

Santander has not yet disclosed what it will do with its 15% stake in Altamira.

 

 

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