© Reuters. FILE PHOTO: Santander Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File photo
MADRID (Reuters) – Spain’s Santander (BME:) 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 (OTC:) in the United States earlier this year.