Blackstone’s real estate arm is in exclusive talks to acquire a majority stake in the real estate portfolio of Spain’s failed Banco Popular, which was acquired (read: bailed out) by Santandar bank in June. Blackstone would reportedly take a 51% stake in the assets, which Santander estimates are worth about 30 billion euros ($35.2 billion). The portfolio includes properties as well as non-performing loans.

Details are in this Reuters story.