The American investment company Blackstone Inc. is considering the possibility of selling the Spanish rental portfolio in the real estate sector. This is reported in a press release from Blackstone.
Blackstone has engaged Jones Lang LaSalle Inc. and Eastdil Secured LLC as consultants in a proposed real estate deal worth 1.2 billion euros ($1.4 billion). The assets are managed by Fidere Patrimonio Socimi SA, which Blackstone acquired in 2013. At the same time, Blackstone plans to retain ownership of the management platform.
Blackstone entered the Spanish real estate market in early 2013, when the first signs of recovery after the financial crisis appeared. Following the acquisition of Fidere in 2017, deals were concluded to acquire a controlling stake in Banco Popular Espanol SA worth 30 billion euros and landlord Testa Residencial SOCIMI SA.
Blackstone may also sell part of the large Spanish hotel business, which it owns jointly with Singapore's GIC Pte. After a three-year decline in real estate transactions due to higher interest rates, which led to a reduction in investment, the first signs of a market recovery have appeared.
Blackstone is an American investment company for alternative asset management in the private equity, real estate, lending, hedge fund solutions, etc. Blackstone mainly serves institutional and individual investors. The value of assets managed by Blackstone in real estate, private equity, lending and infrastructure is $1.1 trillion. At the same time, the company's investment division manages assets worth $320 billion. Blackstone's European portfolio is estimated at 127 billion euros. The headquarters is located in New York (USA).
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