Blackstone has put Euripo Properties' real estate portfolio up for sale. The shareholders' meeting will decide on December 29 the withdrawal of the company's listing, as required by the Socimis legislation.
The Socimi's assets belong to the Buffalo portfolio, purchased by Blackstone from BBVA in 2017 through a debt portfolio acquired from Venmark Investment. The company has almost 2,000 rental assets, with an occupancy of 44%. The portfolio is valued at 214 million euros and is managed by the Anticipa Real Estate servicer.
In the first half of 2021, the Socimi posted revenues of 1.5 million euros, compared to two million euros the previous year, a 33% drop. On the contrary, its losses reached three million euros, compared to almost 9 million euros in the same period of 2020.
This is Blackstone's second divestment from the residential sector in recent weeks. At the beginning of November, the US investment fund announced its intention to sell the assets of Albirana, one of the companies that owns rental housing in Spain. The company has a portfolio of almost 8,000 properties, of which almost 7,500 are homes.
The Socimi was born in 2014 to group the properties of the portfolio from Catalunya Caixa. Blackstone is preparing a partnership that will include Albirana's assets for sale. These are properties with more than three years in the portfolio, since the Socimis' tax regime requires leasing during that period before they can be disposed of.
Albirana has sold almost 3,000 houses to other companies in the last year, compared to 143 in 2019, although their accounts do not include income from these assets.