August 10, 2017
Blackstone Real Estate Partners Europe V acquired a majority stake in Spanish lender Banco Popular Español SA’s $35.2 billion real estate portfolio, as well as Aliseda, the bank’s management company. Blackstone will take a 51% stake in a newly formed entity that also will be 49% held by Banco Popular.
Blackstone’s Jon Gray said, “This significant investment reflects our continued confidence in the robust recovery of the Spanish economy. We are delighted to partner with Santander to maximise the long term value of the portfolio.”
The deal was reached following European Competition Authorities’ approval of Banco Santander’s acquisition of Banco Popular. Banco Popular’s €30 billion in real-estate assets had been written down to approximately €10 billion.
The deal is the largest real-estate portfolio sold in Spain, and among the largest in Europe. The transaction is expected to close in the first quarter of 2018.
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