Blackstone bids to enter Spanish rental market

|About: The Blackstone Group L.P. (BX)|By:, SA News Editor

The gorilla is U.S. single family rentals, Blackstone (BX) looks to get into the Spanish market, reportedly offering $58M to buy a portfolio of homes being sold by the country's bad bank.

The Dorian package includes 620 homes along with 1,200 garages and storage units built from 2007-2011 in Madrid and Barcelona.

Like in the U.S., the rental market in Spain is growing - it's estimated the proportion of rented homes will climb to 25% from 18% within three years.