Blackstone company leads the market for residential real estate in Madrid with the largest number of properties among companies and owners.

The study by Civio and El Salto confirms that Blackstone, which owns at least13,125 rented properties, is the second largest landlord in the Madrid region, behind only the region's own social housing body. According to annual reports, its subsidiaries Testa and Fidere earned €100 million in rental income in2022. To gather data on legal entities renting50 or more residential and other properties, most of the deposits at the Housing Agency were used.

In2022,512,412 lease agreements for residential properties with collateral stored in the Social Housing Agency were concluded in the Madrid region.23.2% of the total, that is,118,859 properties, belong to companies with50 or more leased properties. This total number represents374 organizations that control almost a quarter of the rental housing market through463 subsidiaries. More than half of these companies are real estate agencies (239), followed by financial institutions (33) and owners' associations and inheritance funds (20).

Interestingly, the study classifies these "major owners" into private companies (317), state-owned companies (21), and other types of organizations (36). Additionally,32 companies have offices abroad.

The main tenant is the region of Madrid with21,549 leased premises, followed by Blackstone (13,125), Madrid City Council (7,000), CBRE (4,848), CaixaBank (4,772), Renta Corporación (2,916), Cerberus (2,448), Banco Santander (1,529), Ares Management Corporation (1,330) and Rivas City Council (1,322).

** In the article, statements by Manuel Gabarre, a researcher at the CODE Observatory specializing in housing policy and investment funds, are also cited. The expert explains that in2013 various companies began acquiring real estate from regional public housing bodies - the current Social Housing Agency - and municipal bodies of Madrid.

Goldman Sachs bought2,935 public housing units from the Madrid region for210 million euros. However, the deal was cancelled by the Provincial Court in2018. The most high-profile case of selling public housing is Blackstone, which acquired1,860 residential homes from the Madrid City Council for128.5 million euros. Legal proceedings were initiated but closed in2022. Blackstone continues to buy social rental housing in the Madrid region, increasing the number of rented properties by seven times.

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