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.

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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.

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