U.S. asset manager Blackstone (BX.N) has entered into exclusive talks with Banco Popular over the sale of a majority stake in the rescued Spanish lender’s property portfolio, Popular said in a statement on Monday.

Online newspaper Vozpopuli first reported exclusive talks between Popular and Blackstone earlier on Monday, citing unnamed financial sources, and added that competing bids from funds Lone Star and Apollo had failed.

Popular was bought by Banco Santander (SAN.MC), the euro zone’s largest bank by market capitalization, on June 7 for a symbolic price of 1 euro ($1.2) after European authorities stepped in to prevent its collapse.

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