Banco Santander wants to operate in the real estate servicing business and has launched a new non-performing property platform that, in addition to managing the bank’s problematic assets, will provide services to third parties, according to Expansión.
This decision represents a change of course in the management of foreclosed properties and unpaid loans, which until now had been outsourced. Santander was paying in the region of €450 million in fees per annum between Altamira, Aktua and Aliseda, the three servicers with which it has a contract.
According to this same source, the entity chaired by Ana Botin will integrate this business line within Deva Capital, which, in addition to real estate servicing, also manages investments in damaged assets. The platform will be dedicated to the management of investments in portfolios of non-performing and non-performing loans, foreclosed properties, loans from distressed companies and participations in real estate management companies.
According to the newspaper, Santander has already transferred its 15% stake in Altamira and Aktua to Deva Servicer for a combined value of €40 million euros.
The bank also controls 49% of Aliseda, through Quasar, the joint venture that it has with Blackstone. Santander has an option to buy back 100% of Aliseda from 2023 onwards.
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