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Santander & Blackstone’s JV Recorded Losses of €714M in 2019

2 March 2020 – Cinco Días

Project Quasar Investments 2017, the company born out of the real estate alliance between Santander and Blackstone for the sale of the real estate assets proceeding from Banco Popular, closed 2019 with losses of €714 million, according to Cinco Días.

The bank owns 49% of the company, whilst the remaining 51% belongs to Blackstone. In accordance with its stake, Santander has recognised losses of €350 million euros in its accounts to reflect Project Quasar’s negative result, within the caption ‘result for entities accounted for under the participation method’. In addition, Santander has reduced the value of the company on its books from €1.7 billion to €1.35 billion.

Original Story: Cinco Días

Translation/Summary: Carmel Drake