Blackstone and Cerberus record losses with residential acquired from Banks

Blackstone and Cerberus are losing money from the residential portfolios acquired from Santander and BBVA, which have generated millionaire losses to the funds. On the contrary, Lonestar, however, is obtaining benefits of €6.4 million from the assets it bought from Caixa Bank.

Quasar Investments, the society established by Blackstone, acquired dwellings, land and non-performing loans from Santander for a net value of €10 billion, in a deal that generated red numbers of €714 million in the last year’s accounts. Santander still co-owns 49% from the company and had recorded losses of €350 million.

The losses shared by Cerberus and BBVA stood around €48 million, even though it wasn’t as pronounced for the entity, since it only holds 20% from Divarian, the jointly created company.

Original Story: EJE Prime | NEWS
Photo: Site Cerberus
Edition & Translation: Prime Yield