US private equity giant Blackstone is buying a portfolio of bad loans with a nominal value of €790 mln from Spanish lender CaixaBank, according to a news report by Bloomberg.
US private equity giant Blackstone is buying a portfolio of bad loans with a nominal value of €790 mln from Spanish lender CaixaBank, according to a news report by Bloomberg.
The sale of the portfolio, known as Tourmalet, is expected to close at the end of the week, according to the report.
The debt is linked to newly completed residential units as well as land and homes under development.
The assets backing the CaixaBank debt are believed to comprise 88% residential property, 9% of land and 3% commercial property. They are mainly located in Andalusia, Madrid, Castille La Mancha and Catalonia.
