Blackstone in Talks to buy SocGen Loans

Private equity firm Blackstone is in exclusive talks to take over 100 million euros ($132 million) of commercial property loans owned by Societe Generale, the Financial Times reported. The French bank is seeking to curb its real estate exposure, writes Reuters.

Reuters – Private equity firm Blackstone is in exclusive talks to take over 100 million euros ($132 million) of commercial property loans owned by Societe Generale as the French bank seeks to curb its real estate exposure, the Financial Times reported.

The deal is likely to close within weeks, the paper said on Monday, citing people involved with the discussions.

SocGen and Blackstone could not immediately be reached for comment.

BNP Paribas, Societe Generale and Credit Agricole are all hawking bundles of property loans to prospective buyers to shrink their balance sheets to meet tough new rules designed to clamp down on risk, two Paris-based real-estate bankers told Reuters last month. (Reporting by Dominique Vidalon; Editing by Mark Potter)