Blackstone pledges 900M euros for the sale of real estate in Spain

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

The fund manager has carried out important operations such as the sale of five office buildings to the Zurich Seguros real estate subsidiary for 163.6 million euros.

Blackstone makes cash

Blackstone, a US fund manager, will enter more than 900 million euros, between the sales already executed and those that could close in the coming months. The company, which accumulates more than 23,000 million euros in investments, has sold several office buildings inherited from Hispania and plans to divest in residential, according to Expansión.

Among the largest transactions of this year, Blackstone sold five office buildings in Madrid to the Zurich Seguros real estate subsidiary, Rex Spain ZDHL, for 163.6 million euros. The assets belonged to Hispania and passed into the hands of the manager after its takeover bid (opa) to the company.

Shortly thereafter, the fund closed the sale of two more buildings to the socimi Árima for 62.7 million euros. Another asset that the company is considering selling is the Helios building, a complex of two 35,000 square meter office buildings valued at 175 million euros. The company also sold the MB One office building to Grosvenor for 80 million euros.

In parallel, the company has started a process to sell the housing portfolio, mainly from the Fidere socimi, for 400 million euros. The sale would not include the 1,860 homes that he bought in July 2013 from the Municipal Housing and Land Company of Madrid (Emvs).

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

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