Spanish bank Santander has reportedly suspended its planned sale of EUR 2 bn worth of foreclosed assets after being offered too little money for them.

According to Spanish news reports, the lender has received bids of around EUR 1.2 bn from potential buyers Morgan Stanley and Cerberus, representing a 60% discount to the market value of the assets.

The group subsequently decided to withdraw the assets from the market and has opted instead for increasing provisions related to the properties.

The portfolio up for sale involved 29,000 residential units as well as a number of development sites.