Santander records €1.566 Bn on its balance sheet related to its 49% stake in joint venture with Blackstone

Banco Santander

Private equity fund Blackstone and Banco Santander have injected 300 million euros in the property fund in which both have a stake. The alliance is a mix of societies under the umbrella of parent company Project Quasar Investments 2017, which includes what was previously Banco Popular’s real estate portfolio. Its gross assets are valued at 30 billion euros, with a net value of 10 billion.

Santander has recorded 1.566 billion euros on its balance sheet related to its 49% stake in Project Quasar. Blackstone owns the remaining 51% of the joint venture, which has made progress in operational terms thanks to two capital hikes.

It now has a management team. Quasar has appointed Diego San José, a big name from Blackstone’s real estate department in Spain, as president. His team will include Eduard Mendiluce, CEO of Anticipa Real Estate, which belongs to Blackstone and specialises in real estate management and loans; Christophe Dubois, managing director for Blackstone’s real estate business in London, as well as the chairman of Fidere Patrimonio, Jean François Pascal.

From Santander’s side, the executive responsible for its real estate area, Javier García Carranza Benjumea, has joined Quasar; then Jaime Rodríguez Andrade, who is in charge of the bank’s unproductive assets; and Carlos Manzano, a Metrovacesa board member appointed by Santander






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