Blackstone merges multifamily residential asset management of Testa and Fidere

Blackstone merges the management of residential assets of its companies.

Testa Home has signed contracts to manage the multi-family assets of companies owned by US fund, Blackstone.

The US fund has created the Testa Home company to jointly manage the multifamily residential assets of Testa and Fidere. Formally, the new firm is owned by Testa, which has 58.1% of the share capital, and Fidere Residencial, with 41.9% of the shares.

The new company will be responsible for the management of multi-family assets, that is, those buildings that are owned by one of the two companies as a whole. In addition, it will also manage the assets of this type of the Socimi Hispania and the Aliseda real estate platform, although in both cases they represent a small part of the portfolio of assets.

In this sense, both Aliseda and Hispania will continue to independently manage homes located in buildings that are not their exclusive property.

The operation was launched in response to the desire to make the management of the different companies' portfolio more efficient, reduce operating costs and improve the profitability of assets and provide better service to tenants.

SOURCE Blackstone
Edited by V. Haviland