Blackstone wants to become new Hispania owner

Blackstone wants to become new Hispania owner

With its settlement process undergoing, Hispania is now taking out a disposal strategy, starting with the sale of its office portfolio to Tristan. The deal, involving 25 office buildings with more than 153.000 sqm of GLA and more than 33.000 sqm under construction, should be closed within a few days and is expected to set a new record high in the market (almost 500 million euro).

The plan is to finish the disposal of assets within a 3-year period, but the entry of Blackstone in this race may speed up things, to a year or even less. The target of the US fund is Hispania's hotel portfolio, that as for the end of 2017 included 46 hotels and more than 13.100 keys. Furthermore, the socimi has five residential assets with more than 670 units in Madrid and Barcelona.

According to some market sources, the US giant is now on track to buy the socimi hotel portfolio, a deal that will allow the establishment of a new hotel giant in Spain, leading in number of assets owned.

The almost EUR 2 billion of Hispania capitalization should be the reference price for the deal, since it would entail the launching of an OPA.


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