MADRID (Reuters) – Spain’s Santander on Wednesday announced it had clinched a transaction with the Federal Deposit Insurance Corporation (FDIC) to acquire a 20% stake in a U.S. real estate asset portfolio for $1.1 billion.
The Spanish lender agreed to participate in a joint venture with the U.S. institution that holds a $9 billion portfolio of New York based multifamily real estate assets.
Under the deal, Santander would service 100% of the assets in the portfolio.
The portfolio was in the hands of the FDIC following the failure of Signature Bank in the United States earlier this year.
(Reporting by Jesús Aguado)
