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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.
Evidence
- Los dos contratos del Gobierno con empresas vinculadas a fondos buitre: "La prueba documental de la hipocresía" · Cuatro
- Blackstone gestionará viviendas de la Sareb pese a la ofensiva del Gobierno contra los 'fondos buitre' · El Debate
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