Blackstone has agreed to sell its Fidere residential portfolio in Spain to Brookfield Asset Management in a transaction valued at €1.2bn, equivalent to approximately $1.4bn, marking a major exit in the European real estate market.

The deal represents a net value of €1.05bn and is the largest multifamily transaction in Spain since the 2007–2009 financial crisis, excluding select transactions, underscoring renewed momentum in the sector.

The portfolio comprises approximately 5,000 housing units across 47 residential buildings located in Madrid, providing Brookfield with significant scale in the Spanish rental market.

The transaction reflects Blackstone’s continued strategy of monetising mature real estate assets, following years of investment in European residential platforms.

For Brookfield, the acquisition expands its exposure to European housing, as institutional investors continue to target residential assets supported by strong demand fundamentals.

The deal also highlights sustained private equity interest in large-scale real estate platforms across Europe, particularly in urban markets with supply constraints and long-term rental growth potential.

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