Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Blackstone Group LP    BX

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

U.S. Bancorp, Blackstone, Wells win Eurohypo loans

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/26/2012 | 05:35am CEST

A $740 million portfolio of performing loans on U.S. properities held by German lender Eurohypo has been purchased by US Bancorp (>> U.S. Bancorp), Wells Fargo & Co (>> Wells Fargo & Company) and private equity firm Blackstone Group LP (>> The Blackstone Group L.P.), according to sources familiar with the deal.

A $740 million portfolio of performing loans on U.S. properities held by German lender Eurohypo has been purchased by US Bancorp (>> U.S. Bancorp), Wells Fargo & Co (>> Wells Fargo & Company) and private equity firm Blackstone Group LP (>> The Blackstone Group L.P.), according to sources familiar with the deal.

US Bancorp (>> U.S. Bancorp) bought a $180 million loan tied to property owned by General Growth Properties Inc (>> General Growth Properties Inc) at a slight discount to face value, paying in the high 90s percent of loan value, a source said.

Wells Fargo & Co (>> Wells Fargo & Company) and Blackstone Group LP (>> The Blackstone Group L.P.) teamed up to buy about $560 million of loans. The bank and the private equity group have agreed to own the individual loans separately and not co-own any of them, a source said.

The $740 million in performing loans were put on the market by Eurohypo as it unwinds its balance sheet of about $4 billion of U.S. loans. Jones Lang LaSalle Inc (>> Jones Lang LaSalle Incorporated) began marketing the loans last month, attracting more than 100 interested parties.

Many failed European banks have been taken over by their governments, reduced or wound down. Last year Allied Irish Banks Plc (>> Allied Irish Banks) and Anglo Irish Bank Corp Ltd <ANGLLN.UL> sold their vast portfolios, including billions of dollars worth of loans on U.S. properties.

Wells Fargo & Co (>> Wells Fargo & Company) and JPMorgan Chase & Co (>> JPMorgan Chase & Co.) have been active buyers of performing loans, while distressed debt and equity investor Lone Star Funds has snatched up non-performing debt.

The group of loans from Eurohypo includes a dozen individual properties as well as groups of properties. They include offices, retail space, land, warehouses and apartments. Many are located in New York, while other properities are in Boston, Miami, Houston, Chicago and San Francisco.

A representative from Blackstone declined to comment. Representatives from US Bancorp and Wells Fargo could not be reached for immediate comment.

Eurohypo was one of the most active lenders during the U.S. commercial real estate boom of 2003 to 2007. However, last year it was absorbed by the state-backed lender Commerzbank AG (>> Commerzbank AG), which has won European Union approval to wind it down instead of restructuring it.

The current sale is one of several expected as Eurohypo unwinds the entire $4 billion U.S. portfolio.

(Reporting By Ilaina Jonas; Editing by Richard Pullin)

By Ilaina Jonas

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on BLACKSTONE GROUP LP
08/18 BLACKSTONE LP : Agrees to Acquire Harvest Fund Advisors
08/17DJINTERNATIONAL BUSINESS MACHINES : Trump Business Council Fretted for Weeks Over ..
08/17 BLACKSTONE : Agrees to Acquire Harvest Fund Advisors LLC
08/16 BLACKSTONE LP : halts NSO acquisition talks - report
08/16DJTrump Business Advisory Council to Disband
08/16DJTrump Business Advisory Council to Disband
08/16 BLACKSTONE LP : Won't Invest in NSO Group's 'Toxic' Spyware
08/15 BLACKSTONE ENDS TALKS FOR NSO GROUP : sources
08/11 BLACKSTONE LP : Mortgage Trust Announces Closing Of Public Offering Of Convertib..
08/09 Blackstone, GIC lead buyout of Goldman's Rothesay Life stake
More news
News from SeekingAlpha
08/17 Blackstone adds to energy infrastructure bet
08/16 Blackstone pulls out of bidding for NSO Group - Reuters
08/15 AIG puts $2B life insurance portfolio on the block - Reuters
08/15 Blackstone's $7B natural gas bet
08/10 BLOOMBERG : NRG Energy renewable asset sale attracts several suitors
Financials ($)
Sales 2017 6 653 M
EBIT 2017 3 492 M
Net income 2017 3 326 M
Debt 2017 -
Yield 2017 8,32%
P/E ratio 2017 11,38
P/E ratio 2018 10,18
Capi. / Sales 2017 5,68x
Capi. / Sales 2018 5,34x
Capitalization 37 767 M
Chart BLACKSTONE GROUP LP
Duration : Period :
Blackstone Group LP Technical Analysis Chart | BX | US09253U1088 | 4-Traders
Technical analysis trends BLACKSTONE GROUP LP
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 38,9 $
Spread / Average Target 23%
EPS Revisions
Managers
NameTitle
Stephen Allen Schwarzman Chairman & Chief Executive Officer
Hamilton Evans James President, Chief Operating Officer & Director
Michael S. Chae Chief Financial Officer & Senior Managing Director
William Murphy Chief Technology Officer & Senior MD
James Tomilson Hill Vice Chairman
Sector and Competitors
1st jan.Capitalization (M$)
BLACKSTONE GROUP LP16.61%37 767
LEGAL & GENERAL7.75%20 460
T. ROWE PRICE GROUP INC9.77%19 781
AMUNDI37.58%15 747
KKR & CO. L.P.17.87%14 811
HARGREAVES LANSDOWN10.47%8 182