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Blackstone to manage Sareb's housing despite Spanish government pushback

Original: banco malo

Spain's so-called bad bank, Sareb, has chosen Blackstone to manage part of its housing portfolio, according to El Debate. The decision comes despite the government's offensive against so-called vulture funds operating in the Spanish property market. The move is drawing attention to the tension between Madrid's regulatory stance and the state-owned bad bank's outsourcing of asset management to a major US private equity firm.

Why now: The government's clash with vulture funds over housing makes Blackstone's new role for Sareb controversial.

SarebBlackstoneSpainEl Debate

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