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Altamira buys €1.5b Portuguese CRE unit

by Andrea Waitrovich

Portuguese asset manager Oitante is selling its real estate and loan servicing unit, which manages €1.5 billion ($1.6 billion) of assets, to Altamira Asset Management. Portuguese bank Banif previously owned the assets.

Altamira is a platform for managing real estate assets and large-scale credit with €50 billion ($53 billion) in assets under management, and the acquisition marks its entry into Portugal. Its capital is largely controlled by a U.S.-based Apollo Global Management fund, which holds 85 percent of its capital, and the remaining 15 percent is owned by Spain-based Santander.

U.S.-based Apollo was one of the competitors to purchase Banif in December 2015, but Banif’s business was sold to to Santander Totta instead for €150 million ($160 billion). At the same time, the Oitante vehicle was created to manage the problematic assets.

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