Blackstone invests in Spanish Real Estate

Blackstone invests in Spanish Real Estate

REIT owned by Blackstone is selling €140M in properties.

Blackstone’s Spanish REIT, Corona Patrimonial SOCIMI, S.A.U., is selling 3 properties in Madrid. The properties are all located in the wealthy north of Madrid. 2 of them, Delta Nova Four and Six, are located in the district of Sanchinarro and 1 is in the northern suburb of Alcobendas.

The Delta Nova buildings, on nº46 Avenida de Manoteras, have an approximate surface area of ​​24,800m² and the main tenant is CLECE S.A. a Spanish multinational that provides cleaning, social, and education services to in Spain, Portugal, and the United Kingdom and employs over 74,000 people.

The property in Alcobendas is Moraleja Building One, located in La Moraleja’s Business Park on Avenida de Europa nº19 with Citibank as main tenant. The property has a surface area of ​​22,129m² and 830 parking spaces. The neighbourhood also includes an excellent range of amenities including The Moraleja Green Shopping Centre, various gyms, restaurants, schools and a day care center as well as excellent connections to public transport with a metro station and bus stop at the property’s door.

Blackstone is also currently finalizing the sale of a portfolio of 4 office buildings to insurance company, Zurich for over €100M. These properties are owned by Blackstone following the acquisition of the Hispania portfolio in a bid to gain exposure to Spain’s hotel sector. The Hispania portfolio included 46 hotels and a number of offices worth €400M which could potentially be for sale.

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