© Reuters. FILE PHOTO: Signage is seen outdoors the Blackstone Group headquarters in New York Metropolis, U.S., January 18, 2023. REUTERS/Jeenah Moon
(Reuters) -Blackstone Inc has defaulted on a 531 million euro ($562.5 million) bond backed by a portfolio of workplaces and shops owned by Finnish firm Sponda Oy, Bloomberg Information reported, as rising rates of interest hit European property values.
The asset administration big and prolific actual property investor sought an extension from the bondholders to repay the debt, however they voted towards it, the report mentioned on Thursday, citing folks acquainted with the matter.
Shares of the private-equity agency fell 1.6%.
“This debt pertains to a small portion of the Sponda portfolio. We’re disillusioned that the Servicer has not superior our proposal,” Blackstone (NYSE:) mentioned in an emailed assertion on Thursday.
“We proceed to have full confidence within the core Sponda portfolio and its administration workforce,” the corporate added.
Blackstone’s $71 billion unlisted actual property revenue belief (BREIT) has additionally been in scorching water. On Wednesday, the BREIT mentioned it was pressured to restrict withdrawals for the fourth straight month.
($1 = 0.9440 euros)