PARIS, March 11 (Reuters) – Investment group Blackstone has increased its holdings of Gecina’s debt, French newspaper Les Echos reported, potentially paving the way to taking an equity stake in the French real estate group.
- Acquires 160 mln euros with Quebec pension fund-paper
- Seen raising likelihood of taking equity stake
- Blackstone, Gecina unavailable for comment
Gecina has been under the spotlight since two Spanish investment companies – Alteco and MAG Import – owning 31 percent of the real estate company filed for bankruptcy in October.
Blackstone has bought 160 million euros ($207.7 million) in Gecina bank loans in partnership with Quebec’s public pension fund, the report said, citing unnamed sources. The funds own around 1 billion euros out of 1.6 billion in outstanding debt, it said, raising the chances they will convert some into shares.
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