Banco Santander is negotiating two sales of bad debts worth around 1.5 billion euros with the Canadian fund CPPIB and the US fund Cerberus.
Santander, chaired by Ana Botín, is negotiating the transaction without a competitive process, i.e. without giving other investors the option to compete with both funds, according to El Confidencial.
The transaction with CPPIB contains the loans omitted from Santander’s agreement with the Canadian fund last year. At the beginning of 2020, CPPIB took over the Atlas Project and acquired unpaid mortgages worth €1.672 billion.
The deal consisted of assets worth €2.7 billion, but CPPIB left out €1 billion in assets, which are now being renegotiated between the two companies. CPPIB has assets under management worth 497 billion Canadian dollars (€336 billion) and has been operating in the Spanish market for three years.
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