An agreement has been reached between BlackRock and Santander whereby BlackRock funds and accounts will use organised transaction formats to invest up to $1bn annually in infrastructure debt, project finance, and energy finance opportunities with Santander.
The agreement comes after an initial deal in which BlackRock-managed funds and accounts agreed to finance a $600m diverse portfolio of Santander infrastructure credit.
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Through its $86bn private debt franchise, BlackRock offers a wide range of international financial institutions and corporate relationships unique, adaptable, and scalable financing solutions.
The company has developed one of the strongest infrastructure debt franchises in the industry by locating, arranging, and overseeing assets for clients that have the potential to generate revenue.
Gary Shedlin, vice chairman, BlackRock stated: “We are pleased to expand our longstanding relationship with Santander through this agreement, which will provide long-term, flexible capital on a recurring basis to support the growth of its project finance franchise. At the same time, this agreement will provide further access to attractive, differentiated investment opportunities for our clients now and over the long term.”
Jose Garcia Cantera, chief financial officer, Santander added: “This framework agreement with BlackRock will allow us to continue to proactively rotate our assets, further strengthening our financial position and allowing us to generate capital for additional profitable growth. We look forward to working with BlackRock through this expanded partnership.”
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By GlobalDataIn order to change the way that retail investors obtain alternative investments, earlier this month, BlackRock and Partners Group joined forces to introduce a multi-private markets models solution package.
The proposed solution aims to offer US wealth market participants access to a single portfolio that combines real assets, private credit, and private equity. The portfolio will be administered by Partners Group and BlackRock.
Meanwhile, Dubai’s prospective as a primary focus for private banking operations has been strengthened with the opening of an office by Santander Private Banking at Dubai International Financial Centre (DIFC), the financial hub in the Middle East, Africa, and South Asia (MEASA) region.
