from reuters:
Blackstone Inc (BX.N) has defaulted on a 531 million euro ($562.5 million) bond backed by a portfolio of offices and stores owned by Sponda Oy, Bloomberg News reported on Thursday.
“This debt relates to a small portion of the Sponda portfolio,” Blackstone said in an emailed statement on Thursday.
“We are disappointed that the Servicer has not advanced our proposal,” it added. Commercial mortgage-backed securities or CMBS are bonds backed by mortgages on commercial properties.
They are also defaulting on debt they’re not getting extensions on.
Blackstone Inc. defaulted on a €531 million ($562 million) bond backed by a portfolio of Finnish offices and stores as rising interest rates hit European property values.
Blackstone, which acquired landlord Sponda Oy in 2018, sought an extension from holders of the securitized notes to dispose of assets and repay the debt, according to people with knowledge of the plan. Bondholders voted against a further extension, the people said, asking not to be identified as the sales process was not public.
h/t josephbenjamin