"Bargains stemming from distressed financial institutions in southern Europe" is the name of the game for the Blackstone Group’s new €7.8 billion real-estate fund. Well, there’s nothing more southern European than Spain, and no financial institution quite as distressed as Banco Popular, and no bargain quite like this one.
Blackstone said Tuesday it will take a 51% stake in a newly created company that will include approximately €30 billion ($35.2 billion) worth of real-estate assets transferred from Banco Popular and will also include the bank’s real-estate management company, called Aliseda….
Banco Popular’s €30 billion in real-estate assets had been written down to approximately €10 billion, Blackstone and Santander said in statements. Blackstone will manage the new company and Banco Popular will own the remaining 49% stake. The deal is the largest real-estate portfolio sold in Spain and among the largest in Europe, a Santander spokesman said.