A consortium comprising of Kennedy Wilson and Värde Partners has signed a preliminary deal to acquire Aliseda, the real estate asset management unit of Spanish banking group Banco Popular for an undisclosed amount.

The deal is estimated to be valued at about €800m ($1.1bn), reported Reuters citing a source.

Banco Popular’s Aliseda has properties and loans under management of about €15.8bn.

US investment firms Kennedy Wilson and Varde Partners have acquired similar business in Spain from Catalunya Banc earlier.

Banco Popular would retain a minority stake in the business, which services soured property loans and repossessed real estate, though the US firms will take control.

Earlier, Spanish banking group Santander has reached an agreement to dispose its real estate management unit to Apollo Global Management.