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Blackstone Buys Majority Stake in Massive Portfolio

By Tony Seruga

The $35.2 billion worth of real estate properties and loans will be transferred to a new company that will be co-owned by the New York-based firm and Banco Popular.

In what is evidently a multi-billion-dollar deal, Blackstone Real Estate Partners Europe V will be purchasing a majority stake in the real estate portfolio of Banco Popular S.A., of Madrid.

Banco Popular, recently purchased for a token sum by Spain’s Santander Bank, approved the sale after holding “a competitive process in which three international companies with long track records in the management of real estate assets presented offers,” according to a Blackstone Group announcement. Blackstone reportedly submitted the best offer in terms of both value and the proposed management plan…

Blackstone Buys Majority Stake in Massive Portfolio

Categories : Private Equity

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