Albirana will sell 40% of its residential portfolio

Albirana will sell 40% of its residential portfolio

The residential subsidiary of Blackstone in the Spanish market has specified, after the approval of the operation by the shareholders' meeting of the Socimi, the sale of 3,100 properties that are valued at 361 million euros, as reported to BME Growth .

The real estate company has indicated that it has chosen to put assets on the market that were not leased. The 3,100 homes it intends to transfer represent around 40% of its current portfolio.

Albirana is one of Blackstone's big Socimis, together with Testa or Fidere, which also have divestment plans. The company has a portfolio of almost 8,000 properties, of which 7,464 are homes. The Socimi was born in 2014 to group the properties of the portfolio from Catalunya Caixa.

Blackstone is preparing a society 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. In fact, Albirana has already sold 2,863 dwellings to other companies in the last year, compared to 143 in 2019.

Blackstone has always been critical regarding the housing policies promoted by the current government headed by Pedro Sánchez. Albirana has properties in multiple areas of Spain, both in buildings and disaggregated, so its management is more complicated.

The average cost of new and used housing in Spain has increased 8.6% in annual variation, according to data from the Tinsa index according to the end of last October 31. The monthly variation with respect to September marks an increase of 0.1%.

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