MADRID, March 31 - Blackstone has agreed to sell its entire Fidere residential portfolio in Spain to Brookfield Asset Management for a gross purchase price of 1.2 billion euros, the U.S. private equity firm said late on Monday. In a regulatory filing, Fidere recorded the transaction as having a net value of 1.05 billion euros.
The portfolio being transferred comprises roughly 5,000 housing units distributed across 47 residential buildings located in Madrid. Blackstone characterized the sale as the largest multifamily transaction in Spain since the 2007-2009 financial crisis when excluding its acquisition of Testa Homes.
The possibility of this transaction had been reported earlier in February by Spanish media outlets, and the deal has now been confirmed through the parties’ disclosure and Fidere’s filing. The announcement also included a currency reference used in the public note: $1 = 0.8718 euros.
For readers tracking the numbers, the two reported valuations differ by the explicit gross and net figures provided - 1.2 billion euros as the reported gross purchase price and 1.05 billion euros as the net figure recorded by Fidere. Beyond those figures, the public statements focus on the size and location of the portfolio and its place in the ranking of recent Spanish multifamily transactions.
This transaction moves a sizable Madrid rental portfolio from one large global asset manager to another. The portfolio’s scale - approximately 5,000 units in 47 buildings - underscores its significance for investors and for the local rental housing market in Spain’s capital, though the public disclosures do not elaborate on strategy, financing structure, or operational plans under the new owner.
Key details:
- Gross purchase price reported at 1.2 billion euros.
- Fidere’s regulatory filing places the transaction value at a net 1.05 billion euros.
- Portfolio comprises about 5,000 units across 47 residential buildings in Madrid.
The public communications surrounding the sale concentrate on the transaction size and its comparative standing since the 2007-2009 financial crisis, excluding Blackstone’s earlier Testa Homes deal. The materials made available do not provide additional operational, financing, or tenant-level detail.