Apollo Is Said to Buy €600 Million of CaixaBank’s Soured Loans

Apollo Global Management Inc. agreed to buy €600 million ($670 million) in soured mortgages from CaixaBank SA, the second such agreement between the two companies in a year.

The alternative-asset manager emerged as winner in a sale process for the assets, according to people familiar with the matter who asked not to be named discussing private information.

Representatives from CaixaBank and Apollo declined to comment.

The loans on sale are backed by some 6,300 properties, Bloomberg previously reported. CaixaBank is selling the assets to help lower the amount of soured debt on its books. Apollo and CaixaBank reached a ...