The vulture fund Blakstone launches its sixth socimi in Spain with more than 1,600 homes for rent
Blackstone increases its position as the largest homemaker in Spain. The vulture fund has received this Thursday the approval to take to stock market its sixth socimi, Euripo, which will debut with an initial value of 110 million euros. In its balance, another 1,600 homes that join the more than 20,000 that already counted.
Euripo will debut in the Mercado Alternativo Bursátil (MAB), the secondary market in Spain, where it will meet with other socimis of the US fund, such as Fidere, Albirana, Corona and Torbel. To these is added Testa, the largest real estate rental property in Spain, which has recently taken over the control of 80%, and share shares with Banco Santander.
Thus, almost one in ten socimis in Spain have Blackstone as the majority shareholder. As is usual in the operation of this fund, Euripo is owned by a subsidiary of Blackstone located in Luxembourg.
In this case, Blackstone brings to the stock market a portfolio of more than 2,000 real estate assets among homes, garages and commercial premises that come from the divestment of two financial institutions, BBVA and the former Banco Popular. Of the total portfolio, it has the direct ownership of 1,900 assets, while another 400 are in the hands of a related company that, predictably, will end up in Euripo's balance, as shown in the IPO document.
At present there are quoting in Spain between the MAB, the continuous market and the Ibex 35 more than 60 socimis. Blackstone has been the most active investment fund, especially with regard to those dedicated to rental housing, where it controls almost a quarter of all those currently quoted.