Blackstone - Spanish Residential
Over the last severla years, Blackstone's real estate group has invested billions in the Spanish housing market (primarily in assets in Catalonia), with their most recent transaction being a majority (51%) acquisition of Banco Popular Espanol SA's real estate portfolio, just two months ago.
At the very least, the current political turmoil can not be good for pricing / valuations. With that aside, is Blackstone so unique in being able to close these transactions that the effective discount they get effectively mitigates the asset risk? Even with leverage, they're still deploying billions into the recent transaction alone.
How is this not a huge concern for them and their investors?
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Interesting to see how they have performed. The Spanish economy has been a disaster.
Residential is a defensive asset class, not very high yielding but secure returns as people will do anything to keep a roof over their head.
Lol @ 2008
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