Blackstone invests in Spanish Real Estate

Blackstone’s latest SOCIMI remains flat 2 weeks after debut.

The share price of Blackstone’s latest Spanish REIT, Euripo Properties (YEPS), remains flat following IPO on the 2nd of January 2019 and an overall valuation of €110 million.

The SOCIMI listed at €22 per share with a portfolio of 1,894 assets of which 90% are residential properties. Initially the entity was expected to list with an underlying portfolio of 1,935 assets but 41 were sold to various buyers including the Generalitat de Catalunya who had a preferential acquisition right. Additionally, there are 440 assets which could be incorporated into Euripo Properties’ portfolio which are currently owned by a company linked to Blackstone.

Euripo’s portfolio is distributed as follows:

Type of Property Units
Single Family Properties 186
Residential Properties 1,238
Retail High Street Unit 19
Offices 18
Parkings 351
Storage Units 82
Total 1,894

 

The main shareholder of Euripo, with a stake of 98.18%, is Luxembourg based Buffalo (SOCIMI) Holdco, S.à.r.l., which ultimately belongs to the Luxembourgian company BRE Europe 9NQ S.à r.l., managed by Anticipa and Fidere. All these entities are managed by investment funds linked to The Blackstone Group, L.P.

Euripo Properties in turn owns 100% of the shares of 4 sub-REITs (sub-SOCIMIs) known as Avir, Naya, Patriot Propco I and Mosela all of which have different underlying assets. For example, Avir owns a portfolio of 1,430 assets which were purchased from BBVA, BBVA Propiedad and Anida Operaciones Singulares in February of 2017.

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