Steve Schwarzman Buys Spain

Got a good deal on it, too.
Author:
Updated:
Original:
By Toni Castillo Quero (Flickr: [1]) [CC BY-SA 2.0], via Wikimedia Commons

By Toni Castillo Quero (Flickr: [1]) [CC BY-SA 2.0], via Wikimedia Commons

"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.

Blackstone Buys Billions in Spanish Real-Estate Assets [WSJ]

Related

Steve Schwarzman, Tony James Have Different Strengths

One worries about "populist-backlash fears," the other not so much.

By Thomas Wolf (Der Wolf im Wald) (Own work) [CC BY-SA 3.0], via Wikimedia Commons

Blackstone Buying All The European Office Space Because Brexit

Those leaving London have to go somewhere, and wherever it is, Blackstone will own it.

By Lishabai Yi (Middle Kingdom Media Ltd.) [CC BY-SA 4.0], via Wikimedia Commons

Steve Schwarzman Ensures He’ll Be Remembered For More Than Just Making A Ton Of Money

His obituary will now include lines like, “providing aid and comfort to an insurrectionist” and, maybe, “man whose odiousness inspired the legislative dismantling of the private equity industry.”