The sale process of Fidere, Blackstone’s flagship residential rental platform in Spain, has entered a decisive phase, with the US investment giant receiving close to ten non-binding offers, several of them exceeding the €1 billion mark. According to market sources, this level of interest materially increases Blackstone’s confidence in achieving its target valuation for what is currently the largest single portfolio of rental housing on the Spanish market.
The portfolio, marketed under the name Project Cibeles, comprises around 5,300 rental homes, all located in the Community of Madrid, with a gross asset value (GAV) estimated at approximately €1.2 billion. The process is being jointly advised by JLL and Eastdil, which formally launched the sale in early October, while Testa Homes is managing the transaction on behalf of Blackstone, under whose platform both Fidere and Testa’s residential assets are grouped. Following the first round of indicative bids, the vendor is now shortlisting final bidders, who will be invited to submit binding offers during the first month of the year, with the aim of completing the transaction by March.
Market sources indicate that Azora, Patron Capital and TPG–Angelo Gordon are currently among the best-positioned bidders, with Brookfield also cited as having submitted an offer above the €1 billion threshold. Other institutional investors that have reportedly analysed the portfolio include Starwood, the joint venture between Grupo Lar and JP Morgan, Morgan Stanley and CBRE Investment Management. A key element underpinning investor appetite is the potential to generate returns above 15% through a gradual disposal strategy, whereby homes are sold individually at unit prices significantly higher than those implied in a bulk portfolio valuation.
This so-called “privatisation” strategy is one Blackstone has been executing in Spain for several years across its residential platforms. However, with holding periods largely exhausted and capital recycling now a priority, the fund is seeking to accelerate its exit rather than maximise returns over a longer timeframe. As the process moves into its final stage, competitive tension among bidders suggests Project Cibeles could become one of the largest residential transactions in Spain in recent years.
