Blackstone is weighing the sale of a €1.2bn ($1.4bn) Spanish rental housing portfolio, marking another step in its gradual exit from investments made more than a decade ago in the Iberian property market, according to Bloomberg.

The New York-based alternative asset manager has appointed Jones Lang LaSalle and Eastdil Secured to advise on the process, according to people familiar with the matter. The homes are managed by Fidere Patrimonio Socimi, a platform Blackstone first bought into in 2013. The firm is expected to retain ownership of the management company.

Blackstone became one of Spain’s largest landlords after the financial crisis, investing heavily in distressed housing and loan portfolios. In 2017, it acquired a majority stake in €30bn of Banco Popular’s real estate loans and, a year later, took control of landlord Testa Residencial.

The potential sale comes as real estate deal activity begins to rebound in Europe after three years of subdued volumes amid higher interest rates. Industry participants hope larger transactions like this could free up capital to reinvest, boosting fundraising across private markets.

Separately, Blackstone may also adjust its exposure in Spain’s hotel sector, with GIC reportedly considering raising its stake in their jointly owned portfolio.

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