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Blackstone and Santander Record Losses of €1.2 Billion Through Their Jointly Owned Real Estate Company

Quasar, the real estate company owned by Santander and Blackstone, recorded losses of 1.2 billion euros in 2019, due to the impairment of assets, compared to a profit of 1.0 billion euros in 2018.

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The company Quasar, which is jointly owned by the US fund Blackstone (51%) and Banco Santander (49%), closed its first full tax year with losses of more than one billion dollars mainly due to the impairment of its assets.

The company, which owns the real estate assets from Santander’s purchase of Popular, recorded losses of 1.2 billion euros in 2019, according to its accounts published in the Registry. That figure contrasts with gains of 1.0 billion euros obtained a year earlier (2018), when the firm operated for only nine months following its creation.

Read the full article in Spanish.

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