MADRID, March 31 (Reuters) - Blackstone has sold its entire Fidere residential portfolio in Spain to Brookfield Asset Management for a gross purchase price of 1.2 billion euros ($1.3 billion), the U.S
Blackstone sells Fidere residential portfolio to Brookfield for $1.4 billion
Major Transaction in Spanish Real Estate Market
(Corrects headline, first paragraph to clarify dollar amount of gross price is $1.4 billion.)
Details of the Sale
MADRID, March 31 (Reuters) - Blackstone has sold its entire Fidere residential portfolio in Spain to Brookfield Asset Management for a gross purchase price of 1.2 billion euros ($1.4 billion), the U.S. private equity firm said late on Monday.
Net Value and Regulatory Filing
The transaction was valued at a net 1.05 billion euros, Fidere said in a regulatory filing.
Significance of the Transaction
Largest Multifamily Deal Since Financial Crisis
Blackstone said the sale represents the largest multifamily transaction in Spain since the 2007-2009 financial crisis, excluding its acquisition of Testa Homes.
Initial Reports and Media Coverage
The deal was first reported as a possible one by Spanish newspaper Expansion in February.
Fidere Portfolio Overview
Residential Assets Included
Fidere's portfolio includes some 5,000 housing units across 47 residential buildings in Madrid.
Currency Exchange Rate
($1 = 0.8720 euros)
Reporting Credits
(Reporting by Paolo LaudaniEditing by Bernadette Baum)
