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Blackstone Considers Recognising Provisions Worth Millions of Euros Due to its Significant Exposure in Spain

Banco Santander and Blackstone share concerns about Qasar, the company they created off the back of Banco Popular's €30 billion in toxic assets.

Proyecto Quasar Investments, the holding company that initially grouped together Banco Popular’s real estate portfolio and the sales platform Aliseda, was created in 2019 by Blackstone and Santander. Now, it has been revealed that Diego San José, General Director of the Real Estate Business for the fund Blacsktone in Spain, is leaving the firm.

Blackstone owns 51% of the share capital of Qasar and is also managing the entity. Santander owns the remaining 49% of the shares; essentially, it undertook the operation in 2019 to allow it to remove Popular’s damaged assets from its balance sheet.

Read the full article in Spanish.

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