Blackstone has secured a €52.45 million contract to manage thousands of Sareb homes, including social housing, even as Spanish officials publicly attack the fund. The deal highlights a sharp split between political rhetoric and government action.
Blackstone has secured a €52.45 million contract to manage thousands of homes for Sareb, Spain’s state-run 'bad bank'. The US investment giant, often called a 'fondo buitre' by Spanish politicians, will oversee public and social housing through its Spanish arm, Aliseda. EL MUNDO confirmed the deal, also reported by Reuters/Breakingviews. The contract is part of a broader shake-up in how Sareb manages its assets.
The timing drew notice. Days before the contract was confirmed, Housing Minister Isabel Rodríguez said, «O se está con los buitres o con la gente». She framed new housing decrees as a fight between citizens and predatory funds. Prime Minister Pedro Sánchez has said, «Me gusta ser traidor a los fondos buitre». Yet the same government gave Aliseda a basic role in managing Spain’s public housing. Spanish media report that Sareb is preparing to transfer tens of thousands of properties to the new state entity Casa 47, including more than 40,000 homes and about 2,400 to 2,500 land plots.
Spanish union CSIF has filed a lawsuit demanding that 247 Sareb employees be transferred to Casa 47. The union argues it is unlawful to dismiss staff while transferring their functions to a new public body.
Aliseda’s contract runs until at least December 2028, with a possible extension to 2030. The company will prepare homes for sale or transfer to Casa 47 and manage rentals. It will track missed payments and deal with vulnerable tenants. Aliseda must also address property occupations and keep more than 40,000 homes livable for Casa 47. Sareb will give the orders. Spanish sources say the contract is directly tied to the government’s plan to expand public housing through Casa 47, which is set to become a major force in the sector.
No official government statement was issued. Instead, Sareb informed its staff about the deal last month. The contract was signed in August, while the Ministry of Housing was still pushing a decree against 'fondos buitre'. The measure failed in Parliament. Aliseda and Servihabitat, now owned by Hipoges, which is controlled by Pollen Street Capital, received the top scores in the selection process. Only Blackstone’s contract has been fully approved. Servihabitat’s deal remains under review, with a decision expected in October. Reuters/Breakingviews reports that the tender process is still being fine-tuned as Sareb overhauls its asset management.
In late September and early October 2026, Spanish media reported on new anti-eviction decrees and ongoing political conflict over housing policy. Reuters/Breakingviews reported that the government was stepping up its rhetoric against 'vulture funds' such as Blackstone while advancing its own housing initiatives.
Blackstone has operated in Spain for years. Over the last decade, the fund has acquired more than 30,000 residential units through its subsidiaries, many from failed savings banks or public bodies such as Madrid’s city council. In 2013, Blackstone bought municipal housing in Madrid through Fidere. That deal later prompted city investigations into transparency and tenant hardship. Tenants have accused Blackstone of aggressive tactics; the company denies wrongdoing. It has gradually reduced its direct holdings but remains a major player in Spanish real estate. Recent moves include buying half of Urbaser for €2.8 billion and investing more than €13 billion in a Zaragoza data center. Blackstone also plans to list its hotel arm, HIP, on the stock market.
Private servicers have long been involved in Spain’s public housing, but this contract is on a larger scale. Sareb was created to take on toxic assets after the banking crisis and has often relied on Blackstone’s expertise, even as politicians criticize the funds they hire. Blackstone’s annual report says Spain’s residential construction has fallen from more than 700,000 units a year in the mid-2000s to just under 120,000 now. Meanwhile, Spain’s population is projected to grow by five million in 15 years. Blackstone says the gap strengthens the housing market, even as public policy fails to deliver enough new homes.
This is not the first clash between political rhetoric and deals on the ground. As reported earlier, Spain’s housing sector involves competing interests and difficult choices, with people and institutions caught in the middle.
The government criticizes 'fondos buitre' while relying on them to keep public housing running. By awarding Blackstone the contract, officials acknowledge their own limits. Global capital continues to shape Spanish real estate. The anti-'vulture fund' message may work in Parliament, but public housing depends on deals with the very funds politicians condemn. The divide between political theater and the practical demands of housing policy remains wide.
