Blackstone Group LP is believed to be preparing an over €3 billion bid for Banco Santander SA's headquarters in Madrid, Institutional Real Estate reported, citing local media.
The private equity giant is considering making a solo bid for the property or pursue it with the creditors that backed the asset's purchase in 2008, according to the Sept. 10 report.
The property will be hitting the market five years after its owner, Marme Inversiones 2007, went bankrupt, the report added.
The 250-hectare Grupo Santander City has nine office buildings, two data processing centers, a residential component for employees, nursery and other facilities. It became operational in 2004, according to the banking group's website.
Santander in August 2017 sold 51% of its real estate portfolio to a Blackstone fund.
Bloomberg News separately reported, citing an unnamed source, that private equity firm Centerbridge Partners LP is joining Blackstone in the planned bid.