Portugal 
Italy 
Greece 
12 October 2018 – Eje Prime
Blackstone is getting straight to work to start to generate returns from its two new investments. The US fund is in the first phase of negotiations with several financial institutions to obtain a loan amounting to €1.6 billion for Testa and Hispania.
The real estate giant has set itself the objective of closing the operation this year. Blackstone has already made contact with its most trusted banks, including Banco Santander and the French institutions with a presence in Spain, according to reports from Expansión.
The intention of the fund is to maximise the returns of its investments in a joint way and place both Testa and Hispania in a strong position to continue growing and increasing their presence in the country.
Nevertheless, the property of Banco Popular will be left outside of the transaction. The US fund and Santander already agreed a syndicated loan in March amounting to €7.3 billion for the joint company that owns the real estate assets of Popular and in which Blackstone owns a 51% stake.
The investment firm has acquired both of these Spanish Socimis this year. Before the summer, Blackstone completed the takeover of Hispania and turned it into the largest hotel owner in Spain with 46 assets and more than 13,144 rooms. After returning from vacation, the US giant set its sights on Testa Residencial, the largest rental home company in the country, in which it now controls a 70% stake.
Original story: Eje Prime
Translation: Carmel Drake
