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SAN share (Madrid) 5.501 | 0.0% | 18:01

Banco Popular S.A. (‘Popular’) has today approved the sale of a majority stake in its real estate portfolio to Blackstone Real Estate Partners Europe V (‘Blackstone’). The agreement has been reached following a competitive process in which three international companies with long track records in the management of real estate assets presented offers. Blackstone was selected as the successful bidder after submitting the best offer in terms of both its value and management plan.


Banco Santander earned an attributable profit of €3,605 million during the first half of 2017, an increase of 24% compared to the same period last year. This was driven by an increase in customer revenues, disciplined cost control, and further improvements in loan loss provisions. Banco Popular, which Santander acquired on 7 June 2017, contributed a further €11 million to the Group’s attributable profit in the period to 30 June 2017, bringing total Group attributable profit to €3,616 million during the first half of 2017 and €1,749 million in the standalone second quarter (+37% compared to second quarter of 2016).