In a move that establishes Blackstone Group's real estate dominance in yet another country, the alternative asset manager bought a 51% stake in a Spanish real estate portfolio worth $35B.
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As part of the deal, Blackstone and Banco Popular S.A. will form a new company and transfer over the $35B worth of assets, of which Blackstone will be the majority owner and Banco will hold the remaining 49% stake. This transaction also includes the full share capital of Banco's real estate management company, Aliseda.
“This significant investment reflects our continued confidence in the robust recovery of the Spanish economy. We are delighted to partner with [Banco Chairman Santander Spain] to maximize the long-term value of the portfolio,” Blackstone Global Head of Real Estate Jonathan Gray said.
Blackstone won the bid for Banco’s assets following a competitive selection process that involved three well-regarded international real estate management companies. The transaction is expected to close in the first quarter of 2018.
JLL advised Blackstone.
