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Blackstone Finalising Sale of Its Hercules Portfolio

Morgan Stanley and CarVal are the finalists in the race to acquire Blackstone's mortgage portfolio, with offers close to 80% of the portfolio’s book value.

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Blackstone, the American investment bank, is finalising the details of the sale of its Hercules portfolio, acquired from Catalunya Banc in 2014.

According to Voz Populí, Morgan Stanley and CarVal are the two bidders for the portfolio. Both made offers very close to 80% of the mortgages’ book value. When Blackstone bought the assets from the Catalan financial institution, it paid 3.6 billion euros for 40,000 mortgages.

After Catalunya Banc closed the deal with the US bank, it was acquired by BBVA.

Blackstone has been investing in Spain now for a decade. Its portfolio includes two socimis, Hispania and Testa. It also owns the real estate portfolio of Banco Popular, bought together with Banco Santander, for which it paid €10 billion. In total, the firm has disbursed more than 24 billion euros in the period.

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