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Blackstone considers selling subsidised houses in Madrid
29 April 2019 | Vanessa Sousa

Blackstone is considering the possibility of including at least 186 subsidised houses which were acquired from Madrid’s City Hall in 2013 in its new real estate divestment process.

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This is, according to Spanish newspaper Cinco Días, the first time the American fund considers selling assets from the portfolio it acquired from Empresa Municipal de la Vivienda y Suelo de Madrid (Madrid’s Municipal Company of Housing and Terrain) - EMVS for 128.5 million euro.

For now, Blackstone is analysing the possibility of selling only 10% of this portfolio, adding the 186 houses to the 12 residential assets it is currently preparing to place on the market.

These houses – which are spread out through cities such as Madrid, Barcelona and Guadalajara – are included in its REIT Fidere’s portfolio, and are estimated at more than 150 million euro.

Sources close to Blackstone revealed to the same newspaper that Blackstone’s major goal is to sell the 1.860 assets it acquired from EMVS in the medium term.