Brookfield has finalised a deal to acquire the Fidere REIT residential rental platform in Spain for €1.2bn, while Canada’s Healthcare of Ontario Pension Plan (HOOPP) has taken full control of Iante REIT for just under €700m.
Blackstone said the sale of Fidere represents the largest multifamily transaction in Spain since the 2007–2009 financial crisis, excluding its acquisition of Testa Homes.
Fidere’s portfolio includes approximately 5,000 housing units across 47 residential buildings in Madrid.
HOOPP acquired the Iante residential rental platform from Ares Management through the AEREF V Iberian Residential Holdings vehicle. The portfolio comprises 27 buildings with more than 2,300 homes in Madrid.
The transactions were announced as Spain’s residential market approaches a 20-year high, with around 750,000 transactions in 2025. Property values have increased by 34% over the past five years and by as much as 47% over the past decade.
Paloma Pérez Bravo, co-CEO of Dils Lucas Fox, said: “New developments are still far from meeting demand, while the Spanish population continues to grow. This imbalance, combined with improved financing conditions, is the main driver of the current expansion phase and strengthens Spain’s position as one of the most attractive residential markets in Europe, both for lifestyle purchases and long-term investment.”
| Recently completed deals | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Buyer | Vendor | Size | Price (mln) | Key facts |
| Fidere REIT resi platform | living | Spain | Brookfield | Blackstone | 5,200 homes | €1200 | The portfolio, marketed as Project Cibeles, comprises 47 resi buildings. |
| 80% of Via Monte Napoleone 8 | office | Milan | Al Mirqab | Kering | 11,800m2 | €1116 | The asset was transferred to a newco which is owned 20% by Kering and 80% by the Al Mirqab group. |
| 30.56% stake in Essendi | hotel | Europe | Blackstone, Colony IM | Accor | 500+hotels | €975 | With the deal Accor has sold its remaining stake in the hotels. |
| resi portfolio | living | Finland | Lumo Homes | Varma Mutual Pension Insurance | 60 assets | €900 | The deal involves 60 assets in Helsinki, Tampere and Turku metropolitan areas. |
| Iante REIT resi platform | living | Madrid | HOOPP | Ares Management | 2,300 homes | €690 | The portfolio includes 27 buildings in Madrid. |
| 29-33 Champs-Élysées | mixed | Paris | Black Swan | Icade | 12,000m2 | €402 | The Art Deco building provides retail and office accommodation over 7 floors. |
| 33 medical office and clinic assets | healthcare | Germany, The Netherlands | TPG Real Estate Partners | NorthWest Healthcare Properties REIT | 180,000m2 | €400 | The portfolio, known as Project Nightingale, is let to more than 400 tenants. |
| Providence House | living | London | Undisclosed | Nick Candy | NA | £270 (€310) | The sale is believed to be the biggest single house sale in history. |
| Super Seven portfolio | living | Germany | Quantum | Axa IM Alts | 530 apartments | €230 | The 49,000m2 portfolio is fully let. |
| Horseferry House | office | London | Unnamed overseas investor | Derwent London | 164,900sqft | £132 (€152) | The asset is let to Burberry, the British fashion brand, as their global headquarters. |
| Hamburger Alsterhaus | retail | Hamburg | Family office of Schoeller Group and a major German pension fund | Signa | 24,000m2 | €150 | The property was valued at around €400m in 2022. |
| living portfolio | living | UK | Patron Capital | Home REIT | 706 homes | £123 (€141) | The sale includes the majority of Home REIT’s portfolio. |
| data centre asset | data centre | Milan | Bain Capital | NA | 180MW | €100 | The project encompasses over 120,000m2 of space. |
| Royal Wilanów complex | mixed | Warsaw | WOOD & Company | Capital Park Group | 37,000m2 | €100 | The asset is fully let. |
| defence business park | logistics | Kiel, Germany | Sirius | NA | 78,170m2 | €93 | The property is predominantly let to Rheinmetall, Germany’s largest defence company. |
| 103/113 Regent Street | retail | London | Private investor | The Great Ropemaker Partnership | 56,850sqft | £52 (€60) | The property provides a large retail unit and offices above and is fully let to UNIQLO. |
| resi complex | living | Copenhagen | Formuepleje | Brinova | 153 units | €59 | The transaction is carried out as a share deal. |
| 6-17 Tottenham Court Road | retail | London | L&G Asset Management | Landsec | 62,139sqft | £51.5 (€59) | The asset is let to seven tenants. |
| Junction One Retail Park | retail | Wallasey, UK | Hines | Albert Gubay Charitable Foundation | 190,874sqft | £50 (€57) | The park has 10 shops that are fully occupied. |
| two rental projects | living | Helsinki and Espoo | ICECAPITAL | JM | 193 units | €52 (SEK560) | The assets are expected to be completed by the end of 2027. |
| logistics asset | logistics | Jönköping, Sweden | SLP | Ikea | 94,000m2 | €46 (SEK502) | The property was leased back to Ikea. |
| Grotte Center | retail | Camerano, Italy | Eurofund, Frasers | ReItaly fund, Kryalos | 18,000m2 | €35 | The new owners plan to redevelop and extend the asset. |
| Villa Fågelsång | living | Sollentuna, Sweden | Folksamgruppen | Skanska | 6,300m2 | €31 (SEK340) | The project includes a special adapted residence for seniors (SÄBO) with 80 apartments. |
| 72% stake in the five-star Corinthia Hotel Lisbon | hotel | Lisbon | Orion Capital Managers | IHI | 518 rooms | NA | The Corinthia Hotel Lisbon is the largest five-star hotel in the city. |
| Radisson Blu, Leicester Square | hotel | London | CLI Dartriver | Starwood Capital | 127 rooms | NA | The hotel also offers six meeting rooms with a standout feature being The Skyline Penthouse. |
| two student housing assets | living | Salamanca and Valencia | Greystar | Straco Real Estate | 1,600 beds | NA | he transaction forms part of Straco Real Estate’s strategy to develop student accommodation assets across Spain. |
| majority stake in Venn | corporate | UK | USS | ESR | NA | NA | Venn currently manages more than £10bn across four lending strategies focused on the UK residential market. |
| two logistics assets - Pulse and Five8 | logistics | Tilburg, the Netherlands | M&G | Delin Property and Schenker Nederland | 53,000m2 | NA | The transactions follow the Fund’s purchase of a €100m Dutch logistics portfolio in December 2025. |
| One Sevilla student housing asset | living | Seville | Commerz Real | Private individual | 249 beds | NA | The One Sevilla student complex was completed in 2021. |
| 50 Pall Mall | office | London | Tishman Speyer | Lazari Investments | 33,888sqft | NA | The asset is 87% let. |
| logistics portfolio | logistics | Finland | Urban Partners | DSV Road Oy and DSV Contract Logistics Oy. | 125,000m2 | NA | The largest properties are located in Vantaa, in close proximity to Helsinki Airport, as well as in the Tampere and Turku regions. |
| living portfolio | living | Finland | Sato | OP Vuokrakoti Ky | 602 homes | NA | The properties acquired by SATO are located in Helsinki, Vantaa, Järvenpää, Tampere, Turku, Lahti and Kuopio. |
| development asset Else Sørensens Vej 25-33A | living | Rødovre, Denmark | Tishman Speyer | Heimstaden | NA | NA | Closing is expected in Q2 2027. |
| Magnetik office building | office | Paris | Batipart Europe and Sofidy | LaSalle IM and J.P. Morgan AM | 34,000m2 | NA | Located at 1-11 Boulevard Romain-Rolland, the asset is on the border between Montrouge and Paris’s14th arrondissement |
| Assets on the market | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Vendor | Size | Price (mln) | Broker | Key facts |
| Villa Padierna Palace | hotel | Marbella, Spain | the Villa Padierna group | 150 rooms | €150 | NA | Villa Padierna Palace has 150 rooms, three golf courses and residential villas. |
| Two Three North | living | Dublin | NA | 282 apartments | €120 | Hooke & MacDonald and Knight Frank | The portfolio comprise a mix of 236 private rented sector (PRS) apartments and 46 apartments let to Dublin City Council on a 25-year lease. |
| Villa Menelao | hotel | Apulia, Italy | Michele Boccardi | 89 rooms | €100 | JLL | The asset was recently expanded. |
| Esplanadebau | office | Hamburg | NA | NA | €60 | BNP Paribas RE | The owner has just appointed a broker to sell the asset. |
| Legal & General | office | Newcastle, UK | L&G | 105,906sqft | £34 (€39) | Savills | Guide price would reflect a net initial yield of 8%. |
| Recently completed loans | ||||
|---|---|---|---|---|
| Lender(s) | Borrower(s) | Asset(s) | Loan Size (mln) | Key facts |
| Deutsche Bank, Citi | Olympia | Olympia exhibition and events venue | £925 (€1062) | The senior transitional financing package will replace the existing construction loan at a lower level of leverage and with a significantly lower cost. |
| Unicredit | Kering, Al Mirqal Group | Via Monte Napoleone 8, Milan | €729 | The acquisition loan has a term of 5.5 years with an extension option for a further 2 years. |
| Bpifrance, BNP Paribas, Crédit Agricole CIB, HSBC, La Banque Postale, MUFG, and Natixis Corporate & Investment Banking | Mistral AI | Paris data centre asset | €722 | The facility, located in Bruyères-le-Châtel, will house advanced NVIDIA systems. |
| Santander Bank Polska, Erste Group Bank and Helaba Landesbank Hessen-Thüringen | EPP | Shopping centre portfolio in Poland | €324 | The loan has a five-year term with a balloon payment at maturity and no amortisation requirement. |
| Citi | TPG Real Estate Partners | healthcare portfolio of 33 assets | €300 | The facility has a 70% loan to value. |
| Cheyne Capital | MIMCO and Foncière Renaissance | 91, Avenue des Champs-Élysées in Paris | €289 | The facility will be used to redevelop the property. |
| 15 banks including SMBC Group | CTP | Unsecured | €280 | The loan is a sustainability linked term loan with a 5-year maturity. |
| Aareal, pbb | Hillwood | eight logistics assets in Germany | €264 | Structured as a club deal, the refinancing consolidates the portfolio’s capital structure under a single facility. |
| Nordic Investment Bank | Entra | Entire portfolio | €134 | The 12-year sustainability-linked loan will finance Entra’s sustainability investments. |
| Macquarie Asset Management | Places for People | Unsecured | £100 (€115) | The transaction comprises an eight‑year unsecured private placement bond. |
| Investec Real Estate | LRC Group | UK resi portfolio | £53 (€61) | The funds will be used to acquire 293 homes across three assets in Hounslow, Surrey Quays and Bedford. |
| Bank Pekao | Mitiska Reim | Europa Centralna convenience center | €44 | The credit facility will be used to finance the transformation plan to turn Europa Centralna into a go-to destination for retail, entertainment and leisure. |
| New mandates/JVs and funds on the market | |||
|---|---|---|---|
| Firm | Fund/mandate/JV | Strategy | Details |
| Neinor Homes and Stoneshield Capital | Marbella resi development project | The JV was created to develop a high-end residential project located in Marbella, Spain | The two partners are investing €150m in the project. |
| ICG Real Estate | ICG Metropolitan Fund II | Investing opportunistically within the European Industrial and Logistics sector. | The fund received €1.4bn in commitments for the fund. |
| Ares Management | Ares European Property Enhancement Partners IV | Value add investing in European real estate including logistics, multifamily, self-storage and adjacent sectors | The fund has raised $1.9bn in equity commitments. |
| ABP and CMBRE IM | Investing in new rental flats for pensioners. | Investing in living assets for the elderly | The new €350m investment, over 90% of which has been financed by ABP, is earmarked specifically for new rental flats for pensioners “with a strong focus on affordability and sustainability”. |
| La Caisse and Prologis | Prologis Logistics Investment Venture Europe | Acquiring, developing and operating high-quality logistics properties | La Caisse and Prologis will hold 70% and 30% interests, respectively, with governance rights shared between the partners. |
| The platform has been seeded with €1bn in assets. | |||
| Mutuactivos and Stoneweg | Mutuafondo Hospitality, FCR | Investing in hotels and hospitality-related leisure assets located in Spain, Portugal and Italy | Mutua Madrileña Group and Stoneweg will both invest in the fund, which is launched with a target of €300m. |
| GMPF, Blackrock | UK primary healthcare real estate JV | Seeking to build a portfolio worth £1bn over five years, investing in purpose-built GP surgeries and primary care facilities. | GMPF is committing £150 million as a cornerstone investor in this partnership, which is targeting £1bn of assets. |
| Coima | Italian living fund | Investing in residential assets in Italy | The fund is targeting equity of €500m. |
