The US fund Blackstone has begun the process of selling the housing portfolio of Fidere, its SOCIMI specialising in residential rentals, which is shaping up to be a key transaction for gauging investor appetite for this segment in the Spanish market. According to Expansión, potential buyers are already receiving the teaser for the process, a document detailing the assets included and their operational performance.
According to the preliminary schedule, the first round of bids is expected in mid-November, although the final closing of the transaction, if it goes ahead, would not take place until well into 2026, according to market sources cited by the financial newspaper.
The portfolio for sale consists of 47 residential buildings comprising some 5,300 homes in the Madrid metropolitan area, as well as a property in Guadalajara with around 50 units. The assets included comprise 18 buildings acquired in 2013 from the Municipal Housing and Land Company (EMVS), comprising around 1,800 homes.
The portfolio is currently managed by the Testa Homes platform and has an occupancy rate of around 98%, reflecting an advanced degree of stabilisation. The consulting firm JLL and the investment bank Eastdil have been appointed as advisors for the sale.
According to data published by Expansión, 96% of the assets are freehold, while only three buildings are under some form of official protection, with expiry dates in 2027, 2029 and 2038, respectively. The initial valuation of the portfolio is around €1.2 billion.
