Spanish bank Santander has sought regulatory permission to freeze payouts from its main real-estate fund after investors sought to withdraw 80 per cent of the vehicle’s capital at once.
The bank, the biggest in the eurozone by market value, said in a regulatory filing on Monday that the Santander Banif Inmobiliario FII fund, the country’s biggest, “currently lacks the necessary liquidity” to meet redemption demands worth €2.62bn ($3.35bn), or 80 per cent of the fund’s value at the end of January.
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