Santander terminates real estate joint ventures with Cerberus and Blackstone

Banco Santander is unwinding its legacy real estate partnerships by divesting its 20% stake in Promontoria Manzana, following a similar exit from its agreement with Blackstone. This move signals a strategic shift away from the distressed asset management structures established during the post-2008 financial crisis. It remains unclear how these divestments will impact the bank's long-term balance sheet composition.