U.S. investment firm Blackstone has reached an agreement to sell the entirety of the residential portfolio of its listed vehicle Fidere Patrimonio to funds managed by Canadian firm Brookfield Asset Management, in a transaction valued at €1.05 billion, according to a statement submitted to BME Growth.
The transaction involves the transfer of 100% of the share capital of all of Fidere’s operating subsidiaries, which own the entirety of the group’s real estate assets. The buyer is composed of Samarium PropHoldCo Cibeles SOCIMI, S.A. and Samarium Spanish PropHoldCo Cibeles, S.L., companies controlled by Brookfield-managed funds.
The portfolio included in the transaction comprises 47 residential buildings and approximately 5,000 housing units, all located in Madrid, with a 98% occupancy rate. In addition, 96% of the assets correspond to the free rental market, with an affordability ratio of 29%, according to market sources.
The agreed price of €1.05 billion reflects the valuation of the real estate assets, although it will be subject to customary adjustments for transactions of this nature. These include the deduction of the subsidiaries’ financial debt, estimated at approximately €425 million, as well as other adjustments related to assets and liabilities that will determine the final net consideration.
Settlement of the resulting amount will take place at closing, although part of the payment will be deferred and paid subsequently.
Completion of the transaction is subject to approval by Fidere’s General Shareholders’ Meeting, scheduled for April 28, 2026, in accordance with regulations governing the disposal of essential assets.
As part of the process, upon closing, the existing management agreement between Testa Homes and Fidere’s subsidiaries will be terminated. At the same time, a transitional services agreement will be entered into to ensure operational continuity during the transition period.
Since acquiring the portfolio, funds managed by Blackstone have invested approximately €100 million in upgrading and repositioning the assets, enhancing their value and characteristics.
Fidere was advised on the transaction by JLL and Eastdil Secured.
Fidere began trading on June 29, 2015, on the former Mercado Alternativo Bursátil (MAB), now known as BME Growth.
Following the transaction, the remaining assets linked to Testa Homes’ portfolio are not on the market and will continue to be managed by the company.
Blackstone has maintained an active presence in the Spanish market since 2003, with significant investments in real estate, infrastructure, and private equity. Among its most recent transactions is, together with EQT, the acquisition of environmental services company Urbaser, valued at around €5.6 billion.
The firm is also exploring strategic alternatives for Hotel Investment Partners (HIP), a hotel platform in which it holds a 65% stake, including a potential sale or initial public offering
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