Blackstone has defaulted on a $562 million bond backed by Finnish landlord Sponda Oy, which it acquired in 2018, something Blackstone said was exacerbated by Russia’s war against Ukraine. Blackstone had sought an extension from holders of the notes to allow for time to liquidate assets in the Sponda Oy’s retail and office portfolio to pay back the debt — which Blackstone bought for $1.9 billion in 2018 — but with ongoing warfare disrupting market conditions and sales, bondholders voted against the investment firm’s bid for more time, Bloomberg first reported. Loan servicer Mountstreet said the debt would be transferred...
