11 May 2018 – Eje Prime
Banco Santander and Blackstone are starting put the finishing touches to the bank’s sale of Popular’s real estate assets to the fund. As part of this process, both companies have decided to inject €300 million into Project Quasar Investment, the jointly owned real estate firm that they created in March to receive the €30 billion in assets transferred by the bank in the summer of 2017.
Blackstone owns 51% of the real estate company, whilst Santander owns the remaining 49% stake. The constitution of the company was undertaken with a minimum share capital of €3,000 and forms part of the commercial steps that both entities need to perform to close the operation, according to El Economista.
In addition to purchasing the majority of Popular’s real estate assets, the US fund also purchased Aliseda, the extinct bank’s servicer, from Santander, through which it will pilot the sale of the assets acquired. Part of this portfolio management process explains why Quasar has appointed Diego San José as its President, a strong man from Blackstone’s real estate department in Spain.
The following directors will work alongside San José to lead the real estate company: Eduard Mendiluce, CEO of Anticipa Real Estate, the US fund’s own asset manager; Christophe Dubois, Director General of Real Estate at Blackstone in London; and Jean François Pascal, the President of Fidere Patrimonio.
Meanwhile, on Santander’s side, it will be represented by the bank’s Head of Real Estate, Javier García Carranza Benjumea; its Director of Non-Performing Assets, Jaime Rodríguez Andrade; and the Metrovacesa board member appointed by Santander, Carlos Manzano.
Original story: Eje Prime
Translation: Carmel Drake