Blackstone is considering selling a Spanish rental apartment portfolio worth about €1.2 billion (US$1.4 billion), reported Bloomberg News. The asset management giant first invested in the Iberian multifamily market more than a decade ago in the aftermath of the global financial crisis.
JLL and Eastdil Secured have been retained to advise on the potential sale, Bloomberg reported, citing people with knowledge of the process.
Fidere Patrimonio Socimi SA, a unit of Blackstone, oversees the properties. Following a sale, the companies intend to keep control of the management platform, according to Bloomberg.
News of the potential sale follows Blackstone’s recent acquisition of a trophy office building in central Paris. The company paid about €700 million (US$819 million) to acquire the Centre d’Affaires building in Paris’ Trocadero district from Union Investment. The seller paid €284 million in 2003, and Reuters reported that the century-old property attracted major investors before selling to Blackstone.
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