MADRID—Banco Popular has entered exclusive discussions with the Blackstone Group over the sale of a majority stake in Popular's property portfolio, the bank said in a statement Monday. The portfolio is valued at about US$35.2 billion, including both repossessed assets and nonperforming loans.
Exclusive talks between Popular and Blackstone were first reported earlier on Monday by online newspaper Vozpopuli. The publication quoted unnamed financial sources, and added that competing bids from Lone Star Funds and Apollo Global Management had failed, according to the New York Times.
However, another media outlet has reported that a sale is already a done deal. Cited unnamed sources, Spanish online newspaper El Confidencial reported on Monday Blackstone had struck an agreement to buy 51% of the Popular real estate portfolio.
This past January, Popular sold 620 million euros (US $661 million) of non-performing property loans to Apollo and Blackstone, Reuters reported at the time. The bailed-out bank, which Banco Santander acquired for a symbolic price of one euro in June, sold 400 million euros' worth of loans to Blackstone, with the remainder trading to Apollo.
MADRID—
Exclusive talks between Popular and Blackstone were first reported earlier on Monday by online newspaper Vozpopuli. The publication quoted unnamed financial sources, and added that competing bids from Lone Star Funds and Apollo Global Management had failed, according to the
However, another media outlet has reported that a sale is already a done deal. Cited unnamed sources, Spanish online newspaper El Confidencial reported on Monday Blackstone had struck an agreement to buy 51% of the Popular real estate portfolio.
This past January, Popular sold 620 million euros (US $661 million) of non-performing property loans to Apollo and Blackstone, Reuters reported at the time. The bailed-out bank, which Banco Santander acquired for a symbolic price of one euro in June, sold 400 million euros' worth of loans to Blackstone, with the remainder trading to Apollo.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
