Exterior of office building Banco Popular headquarters in Madrid.

MADRID—Confirming earlier reports, the Blackstone Group and Banco Popular S.A. have reached an agreement on the sale of a majority stake in Popular’s real estate portfolio to Blackstone Real Estate Partners Europe V. The deal entails the creation of a company in which Blackstone will hold a 51% stake and to which Popular will transfer assets with a gross book value of approximately €30 billion (US$35.3 billion), as well as 100% of the share capital of Popular’s real estate management company, Aliseda.