Brookfield Buys €1 Billion of Spanish Housing from Blackstone

Brookfield Asset Management has finalized a deal to buy a portfolio of rental housing from Blackstone Inc. for over €1 billion ($1.1 billion), the largest real estate transaction in Europe since the US and Israel launched their attack on Iran.

Brookfield’s funds entered into a share purchase agreement to buy Fidere Patrimonio Socimi SA for a net price after taxes and adjustments of €1.05 billion, in line with the value at which Blackstone held the properties, according to statement late Monday. The companies own about about 5,000 apartments spread across 47 building in Madrid.