Blackstone already controls nearly 30,000 rental homes in Spain (elDiario.es, 20 May 2019)

  • The Blackstone 'vulture fund' already controls nearly 30,000 rental homes in Spain through its REITs

  • Original headline in Spanish: El fondo buitre Blackstone ya controla cerca de 30.000 viviendas en alquiler a través de sus socimis

  • By Antonio M. Vélez. Published in elDiario.es on 20 May 2019

  • Summary from Google Translate:

    • 'Blackstone is consolidated as the largest landlord in Spain. The American vulture fund already has nearly 30,000 homes for rent through its five listed real estate investment companies (REITs) dedicated to housing and further reinforces its position in this business.

    • Of the 70 REITs that currently exist in Spain, there are about 30 dedicated to renting a home whose total portfolio, mainly focused on Madrid and Barcelona, ​​already exceeds 35,500 units, according to an estimate made from the companies' annual accounts, the presentations sent to investors and the information available on their web pages.

    • Of that portfolio, 83% of the total, about 30,000 units, are in the hands of the 5 REITs that Blackstone controls and that operate in the residential rental business: Testa, Albirana, Fidere, Torbel and Euripo. Among the five, they treasure a portfolio of properties with a market value of 5,643 million euros, according to the latest appraisals commissioned by independent firms.

  • Keywords: Madrid, Barcelona, Spain, Blackstone, Testa, Albirana, Fidere, Torbel, Euripo, rental market, REITs, tenants, corporate landlords, financialisation of housing, financialization