Brookfield in exclusive talks to buy Blackstone’s Spanish residential arm Fidere

A reported negotiation has opened between Brookfield Asset Management and Blackstone over the transfer of Fidere, a sizable residential property platform in Spain. Sources cited by Spanish media say the discussions are exclusive, though neither Brookfield nor Blackstone has publicly confirmed the talks. Market commentators place the possible transaction near €1 billion, a price tag that would make it a major deal for the domestic real estate market. Fidere holds a concentrated urban portfolio — roughly 5,300 units across 47 residential buildings in Madrid and a significant asset in Guadalajara — which was appraised at about €1.2 billion at the end of 2024. For an acquirer like Brookfield, the purchase would add scale and rental stock in Spain’s capital, accelerating expansion without the long lead times of new development. For Blackstone, divesting Fidere would be a liquidity event that rebalances its Spanish holdings and frees capital for other strategies. The valuation gap between the reported deal price and the end-2024 appraisal suggests negotiations around discounted transfer multiples or portfolio-level adjustments, including operational liabilities or required capex. Regulatory and financing conditions will be critical: cross-border private equity transactions of this size typically face careful underwriting and, in some cases, national scrutiny depending on perceived market concentration. If completed, the deal would influence pricing benchmarks for urban rental portfolios in Madrid and could prompt follow-on M&A interest from other institutional investors targeting European residential assets. The outcome will also signal whether buyers continue to place strategic value on stabilized rental cashflows amid persistent macroeconomic uncertainty. In sum, the reported talks represent a significant potential reallocation of Spanish residential real estate between two global asset managers, with implications for pricing, yield expectations, and competitive positioning in the region.