09 August 2017
Madrid
Reporter: Theo Andrew

Blackstone buys majority stake in Banco Popular property portfolio


Blackstone Real Estate Partners Europe V has acquired a 51 percent stake in Banco Popular’s real estate portfolio, valued at €30 billion.

Under the agreement, Blackstone will also hold 100 percent of the share capital of Banco Popular’s real estate management company, Aliseda.

The €30 billion portfolio, of which the Spanish assets totalled €10 billion, will be transferred to a new company, meaning Banco Popular will own a 49 percent stake but will no longer retain any assets on its balance sheet.

The deal was reached after the EU directorate general for competition approved Santander's takeover of Banco Popular.

Jon Gray, global head of real estate at Blackstone, 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.”

Rodrigo Echenique, chairman of Santander Spain, said: “The agreement significantly reduces our real estate exposures and further strengthens our balance sheet, allowing us to focus all our efforts on supporting customers.”

He added: “It is an important step in the integration process and demonstrates the quality of our execution capabilities. The interest generated in this transaction among international investors is also a clear sign of confidence in the Spanish economy and we are grateful to all bidders who participated.”

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