Spanish bank Santander has hired CB Richard Ellis to manage the sale process of EUR 3 bn in property assets representing around 90% of the portfolio owned by its Banif property fund, Spanish newspaper Expansion reported, citing a letter sent by Santander to the fund's shareholders. In February the bank requested a freeze on payouts from Banif, Spain's largest real estate fund, after investors sought to withdraw 80% of the vehicle's capital.
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