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Blackstone wins €790m loan book from CaixaBank

The mainly residential portfolio is mainly backed by assets around Sevile and Malaga in the south, and Barcelona and the capital, Madrid, further north.

US private equity firm Blackstone is buying a portfolio of bad property loans worth €790 million from Spain’s CaixaBank, PDI sister title, Real Estate Capital reported. 

The sale, dubbed project Tourmalet, involves loans made on 271 new residential developments, 160 plots of land and incomplete schemes, plus a small number of commercial real estate units.

About a quarter of the assets are in the capital Madrid with the remainder in the southern cities of Seville and Malaga and the northern region of Catalonia.

Sankaty, Goldman Sachs and Deutsche Bank are all believed to have looked at the portfolio.

The acquisition follows Blackstone’s announcement earlier this month that it was restructuring some of the home loans it has bought in Spain so borrowers can meet repayments.

Last year, Blackstone bought a loan book of 40,000 mortgages from Barcelona-based CatalunyaCaixa bank for €3.6 billion.

Blackstone is believed to be preparing to forgive some outstanding debts and allow certain homeowners to walk away from their mortgages.

CaixaBank is also looking to sell another package of home loans, called its Eurostars portfolio, valued at just over €100 million.

The portfolio includes loans on 807 homes, 253 parking spaces, 26 storerooms and five commercial premises.