Blackstone to off-load massive Spanish land bank.

Aliseda, 51% owned by Blackstone has started off-loading 270 plots of urban land ready for development (or undergoing development) with building rights of over 2 million square metres in various parts of Spain.

This is, currently, the largest land sales process in the country and, unlike what was commonplace in the market, it is not a portfolio sale, but rather a sale of individual plots. Local developers will be given the opportunity to enter the process which includes assets located in 43 Spanish provinces. In total there are 231 plots of land ready for development as well as 39 property developments that have already been initiated. A considerable number of these assets are located in the region of Galicia, on the Mediterranean coast and on the Canary Islands.

According to CBRE’s Samuel Población, who have been given the exclusive mandate, “the shortage of land in the Spanish market was one of the great barriers to entry for developers. Thus, the activation of residential land sales processes such as Aliseda’s will supply the market with the raw material necessary to, little by little, satisfy the high existing demand”.

This process begins formally on September the 7th with bids being selected in December.