28 May 2019 – Valencia Plaza
Blackstone has combined the headquarters of its rental housing Socimis, Testa and Fidere, in Madrid. The companies, which manage 10,770 and 6,500 rental homes, respectively, will continue to operate as separate entities but will seek to obtain synergies through the management of their portfolios.
Testa and Fidere will both now operate out of offices on Paseo de la Castellana, 257, which are already occupied by Testa. Moreover, the two Socimis have convened their respective General Shareholders Meetings for the same day, Monday 24 June.
In the meantime, Blackstone is considering putting up for a sale a portfolio of several types of real estate assets that it considers mature and non-strategic. The portfolio of potential assets to divest is worth around €400 million and could include around 1,000 homes from Fidere, although none of them will be the flats that the firm acquired from the Municipal Housing Company of Madrid.
Blackstone is currently the largest owner of real estate assets in Spain, worth around €20 billion including logistics assets, offices and commercial properties, amongst others.
Original story: Valencia Plaza
Translation/Summary: Carmel Drake