16/12/2014 – ExpansionPro
Private equity fund Blackstone continues with its bet on the Spanish real estate assets. Following the purchase of four office units in Madrid and Barcelona, the U.S. investor moves to acquire another package of four office buildings, all located in the capital city.
The properties make a portfolio called Corona, re-launched on the market by Sareb, the bad bank of Spain, for the second time. As the first bidding was unattended, Sareb decided to exclude the Velazquez street unit and use the rest of the five buildings to create a Banking Asset Fund, the Corona.
Blackstone is a 99%-sure winner of the process, sources from the market claim.
The four properties have a total area of around 40.000 square meters and they are all situated in the northern part of Madrid. Specifically, two of them are found inside the Delta Norte business park in Manoteras area, while the other two in Campo de las Naciones zone.
Sareb adds the sale of Corona portfolio to its 2014 achievements, such as the transfer of 80 million worth of land (Crossover Project) or the disposal of rental property debt valued at 220 million euros (Pamela Project).
It is expected that the next days will bring news about award of Meridian Project, including loans with collateral hotel assets worth 130 million euros.
The purchase expands the Spanish portfolio of Blackstone, encompassing both office buildings (housing Citibank and Capgemini in Madrid, and HP and Imaginia Visual in Barcelona) and dwelling units.
The U.S. fund acquired almost two thousand subsidized homes from the City Hall of Madrid in July 2013. These properties are under management of Fidere, an arm of Blackstone that prepares it for a flotation as a Socimi (Spanish REIT).
Original story: ExpansiónPro (by Rocío Ruiz, Lunes 15 de diciembre, pp 6)
Translation: AURA REE