Blackstone BX-N has sold its entire Fidere residential portfolio in Spain to Brookfield Asset Management BAM-T for a gross purchase price of €1.2-billion (US$1.4-billion), the U.S. private equity firm said late on Monday.
The transaction was valued at a net €1.05-billion, Fidere said in a regulatory filing.
Blackstone said the sale represents the largest multifamily transaction in Spain since the 2007-2009 financial crisis, excluding its acquisition of Testa Homes.
The deal was first reported as a possible one by Spanish newspaper Expansion in February.
Fidere’s portfolio includes some 5,000 housing units across 47 residential buildings in Madrid.