Real commitment to Spain

FOREIGN invesment companies are hoping to buy into the property arm of Spanish bank Santander.

Three US groups are planning to make a joint bid on Altamira Real Estate as they look to break into the country’s recovering property market.

If successful, the deal would give the consortium a team of managers and a contract to handle Santander’s property sales, but would not include real estate assets on the bank´s books.

The consortium is following in the footsteps of rival firms, which have been entering into similar agreements with competitors.

Spanish real estate insiders have welcomed the news, which are taken as signs foreign investors are looking to commit to the country for the longer term.