From now on, Blackstone and Magic Real Estate will run the property management firm of Catalunya Banc. The U.S. fund paid €40 million for CatalunyaCaixa Inmobiliaria.
The nationalized entity concludes the sale after almost a year. Initially, a purchase contract of CatalunyaCaixa Inmobiliaria was almost signed in August 2013 by funds Kennedy Wilson and Värde Partners for between €30 and €60 million. However, the funds withdrew from the operation.
Since that time, Catalunya Banc has been negotiating with Magic Real Estate, a platform controlled by executives of Deutsche Bank, that also manages investments of Blackstone in Spain.
In June 2013, the U.S. fund has acquired a lot of subsidized houses (1.860 dwellings) from Madrid´s City Council for €128 million. Moreover, it bought another 1.000 protected homes from Sareb and FCC, and is willing to run for Eurohypo.
Together with the purchase of Catalunya Banc´s platform (assets not included), Blackstone will have its own asset managing team in Spain, as the transaction involved 175 employees and a management contract for 10 years of the excluded assets.
CatalunyaCaixa Inmobiliaria administered €8.7 billion in assets (…).
Original article: ExpansiónPro (by Jorge Zuloaga, Jueves 10 Abril, pp 15)
Translation: AURA REE