Buyout major Blackstone has acquired 18 apartment blocks from the city of Madrid for €125.5m in its first real estate deal in Spain.
The housing assets bought by the firm include 1,860 flats, of which 1,208 are rented and 652 are rented with an option to buy.
Blackstone spokeswoman Cristina Garrido said the firm “believes strongly in a recovery of the Spanish economy,” according to Bloomberg.
The deal comes a fortnight after Blackstone launched a new division offering loans to landlords to take advantage of the US housing market recovery.
Blackstone owns more rental homes than any other investor after spending $5bn on more than 30,000 distressed houses, said Bloomberg.
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