Santander: Popular strikes real estate deal with Blackstone.
(CercleFinance.com) - Banco Popular has approved the sale of a majority stake in its real estate portfolio to Blackstone, after the European Commission approved the Spanish bank's acquisition by Santander.
The transaction will involve the creation of a company to which Banco Popular will transfer assets with an aggregate gross book value of approximately 30 billion dollars.
The deal includes 100% of the share capital of Popular's real estate management company, Aliseda.
The valuation attributed to the Spanish assets of the business (properties, loans and tax assets) amounts to approximately 10 billion euros.
Blackstone will own a 51% stake in the new company.
Popular's buyer, Santander, said the deconsolidation of assets from the balance sheet will have a positive impact on its capital position.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The transaction will involve the creation of a company to which Banco Popular will transfer assets with an aggregate gross book value of approximately 30 billion dollars.
The deal includes 100% of the share capital of Popular's real estate management company, Aliseda.
The valuation attributed to the Spanish assets of the business (properties, loans and tax assets) amounts to approximately 10 billion euros.
Blackstone will own a 51% stake in the new company.
Popular's buyer, Santander, said the deconsolidation of assets from the balance sheet will have a positive impact on its capital position.
Copyright (c) 2017 CercleFinance.com. All rights reserved.