Although many people associate Blackstone with the venture capital fund that it is, far fewer know their role in the Spanish real estate sector, where for years they have been building their own empire . The offer to acquire 100% of Hispania at a rate of 17.45 euros per share is another example of its aggressive strategy in the domestic market, in which it is already the largest foreign investor and now aspires to create a hotel giant in the country. country.
According to the relevant event sent yesterday to the CNMV , Blackstone was made on April 4 with 16.56% of the socimi through Bidco, one of its companies, and the offer that now puts on the table would affect the rest of the shares of Hispania. The consideration would be in cash and, according to market sources, the resolution of the offer will not take long to be known.
Hispania has 46 hotel establishments ; if the acquisition is completed, the international fund would incorporate them into its portfolio together and become the largest hotel owner in Spain with almost 17,000 rooms , ahead of Meliá (almost 11,000), H10 (more than 10,000) and Hoteles Globales (more of 9,000). It would also be a hotel portfolio with strong holiday presence, so that future urban operations can not be ruled out in order to balance its portfolio.
Hispania would provide the fund with a diversified exposure regarding risks and geographical location of the hotels and, at the same time, Blackstone would add the experience of its management teams. However, Blackstone's interest in Spanish hotels is not new. Last October acquired to Sabadell subsidiary hotels HI Partners for 630 million just a month ago and showed their cards to gain 29.5% of the NH hotel chain is in the hands of the Chinese HNA.
Real estate giant
The ambitions of the fund go beyond the tourism sector. The first major Blackstone operation in Spain took place in 2014 with the purchase of a portfolio of 40,000 loans, mostly mortgages, to Catalunya Caixa for just over 4,100 million euros. Before it had been done with a lot of 1,800 housing units (VPO) for 128 million euros to the City of Madrid to operate them on a rental basis, and then has been buying other portfolios of assets, NPLs (Non Performing Loans or doubtful loans ) and REOs (foreclosed assets). In addition, last summer he led the largest operation in the sector worldwide when closing with Banco Santander the purchase of the portfolio made up of 51% of the toxic brick that he inherited after buying Popular in an operation that reached 5,100 million euros.
The management of a large part of that portfolio falls on its servicer , Anticipa . Market sources explain that Blackstone has been shaping its portfolio very selectively in recent years, coinciding with the recovery of the sector in Spain, and although it is not comparable to the Sareb, its portfolio exceeds in value to the so-called bad bank .
The firm, created in 1985 and headquartered in New York , operates in Spain through direct investment and has numerous companies that serve as management arms. Diego San José , head of the business, and Eduard Mendiluce , who has gradually gained weight , are in charge of the entire national structure .
The strategy they have outlined for Spain focuses on the medium and long term. Taking advantage of the real estate recovery after the brick bubble, the fund aims to exploit the returns currently offered by the sector, and the best way to do this is rent.Blackstone was one of the pioneering funds in betting on the exploitation of rental housing and socimis. Currently, it has three of these listed companies in the country - Albirana Properties, Fidere and Corona Patrimonial - and although the residential segment dominates the profile of its assets, it also has an important exposure to the logistics sector.
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