The real estate platform is seeking partnerships with developers by offering the structure of the US fund to landowners.
Blackstone is looking to sell the land it has in stock. For that, the US fund will ally with developers through the opening of its servicer Aliseda, which manages a 800 million euros portfolio of land, according to El Confidencial.
The aim is to open up the servicer to third parties through the transfer of the land, taking advantage of its infrastructure to ally with developers.
The company claims that Blackstone’s infrastructure allows it to offer services at marginal cost. The fund assures that through this new formula it will be able to offer projects to the administrations to increase the supply of housing.
Blackstone’s land bank in Spain came from Banco Popular, which after its merger with Santander sold it through Aliseda. The fund acquired them after increasing its stake in the servicer to 51%.
Aliseda has a team of 80 people dedicated exclusively to urban development management in Spain. The first major project where the servicer wants to implement its new strategy is Sareb’s Neo Project, a tender launched by the entity to find a partner to help it manage a portfolio of land valued at 1.12 billion euros, on which it is planning to build 60,000 homes.
Original Story: Eje Prime |News
Photo: BlackStone Linked In
Edition & Translation: Prime Yield