Madrid City Council has announced that it has sold 18 protected rent apartment blocks (1,860 apartments) to Magic Real Estate-Blackstone Group International Partners for €125.5 million.
12 of the blocks are only for rent and six are rental with an option to buy. The blocks are located in the neighborhoods Carabanchel, Centro, Villa de Vallecas and Villaverde. Furthermore, Blackstone has bought the commercial and parking spaces connected to the apartments for a consideration of €3 million.
This transaction is part of the EMVS’s (Municipal Housing Company) efforts to obtain new resources, which are necessary for the implementation of the Council’s social policies.
Source: Ayuntamiento de Madrid