Blackstone Inc 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.Blackstone offered to buy the Finnish real estate investment company for about 1.8 billion euros in 2017 to expand its real estate business in the Nordic region.
"The loan was affected by two-year Covid disruption, the war in Ukraine and wider market volatility," a person familiar with the matter told Reuters.
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