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Blackstone Begins Rental Housing Empire in Spain


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2013 Nov 30, 11:08am   2,732 views  10 comments

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Blackstone Group (BX), builder of the biggest single-family rental home business in the U.S., is using its experience to replicate the model in Spain, where property prices have dropped 40 percent since the 2007 peak. The world’s largest private equity firm agreed in July to purchase 18 apartment buildings from the city of Madrid for €125.5 million ($173 million). “Building a business from scratch without a single employee and buying something like $150 million in homes per week requires a learning process,” Anthony Myers, senior managing director of real estate at Blackstone, said at a conference in Barcelona in mid-October. “When we looked at the situation in Spain, we thought we could see something similar, where we could replicate a lot of the systems and technology that we created in the U.S.”......

http://www.businessweek.com/articles/2013-11-07/blackstone-begins-rental-housing-empire-in-spain

#housing

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1   bob2356   2013 Nov 30, 12:13pm  

The government changes the law for them then sells them thousands of properties. Nice. I wonder whose hand got greased.

2   Facebooksux   2013 Nov 30, 2:03pm  

Jesus H. Christ.

With an unemployment rate of only about 55%, what could possibly go wrong?

3   anonymous   2013 Nov 30, 11:42pm  

APOCALYPSEFUCK is Comptroller says

They get the houses for practically free, rape the Spaniards until they leave, sell the houses to retirees from the UK and US at 100x mark-ups from the buying price and repatriate the profits to the Caymans, everyone gets fucked hard and the government subsidizes oligarchic pillage at every step. What civilization is all about.

What can you expect from the savages? They wouldn't know freedom if it bit them in the ass

4   HydroCabron   2013 Dec 1, 12:18am  

APOCALYPSEFUCK is Comptroller says

They get the houses for practically free, rape the Spaniards until they leave, sell the houses to retirees from the UK and US at 100x mark-ups from the buying price and repatriate the profits to the Caymans, everyone gets fucked hard and the government subsidizes oligarchic pillage at every step.

Biased: You left out the part about how the oligarchs use the profits to create oodles of jobs. And at least they don't force Spaniards to use a shitty website to get health care!

5   MisdemeanorRebel   2013 Dec 1, 1:20am  

Spain, the only country in Europe where Blue Division, Condor Legion, and other Nazi collaberators get parades and medals, where the fascist leader who offered to turn over all the Jews (including Diplomats!) as soon as Hitler won in Europe, is worshipped almost as a God and has a huge monument to himself and his Falange buddies, and who executed the only Democratic President during WW2, Lluis Companys. Not even Hitler or Stalin dared to do so! And Still living off the regions they oppress, in today's case, Catalunya.

6   bob2356   2013 Dec 3, 2:45am  

thunderlips11 says

Spain, the only country in Europe where Blue Division, Condor Legion, and other Nazi collaberators get parades and medals, where the fascist leader who offered to turn over all the Jews (including Diplomats!) as soon as Hitler won in Europe, is worshipped almost as a God and has a huge monument to himself and his Falange buddies, and who executed the only Democratic President during WW2, Lluis Companys. Not even Hitler or Stalin dared to do so! And Still living off the regions they oppress, in today's case, Catalunya.

You're considerably out of date. I think it was 2006 or 2007 the spanish government banned everything to do with Franco. All street names, building names, statues, monuments, plaques, etc. etc. were to removed, although I've read that some aren't yet. Public displays of support were banned. There is an entire government agency devoted to the victims of Franco. I haven't been in Spain since 2001, but among the people I knew he was pretty poorly regarded. What people have you talked to that worship him?

Like anywhere else there is going to be some skinhead far right groups. I don't think this amounts to all that many people involved (in Spain at least, Greece is a different matter), but they are very visible, especially since news agencies eat that stuff up.

7   Waitingtobuy   2013 Dec 3, 3:06am  

bob2356 says

You're considerably out of date. I think it was 2006 or 2007 the spanish government banned everything to do with Franco. All street names, building names, statues, monuments, plaques, etc. etc. were to removed, although I've read that some aren't yet. Public displays of support were banned. There is an entire government agency devoted to the victims of Franco. I haven't been in Spain since 2001, but among the people I knew he was pretty poorly regarded. What people have you talked to that worship him?

Both of you are accurate. My wife is Spanish. There are groups of Spaniards that abhor Franco (see the shutdown of El Valle de los Caidos) and those that loved him (I know several people). There are even people that while they didn't like his political actions, they admired him for modernizing the country with things like rural electrification and road construction.

If you had to stereotype, the Partido Popular (PP), Spain's version of the Republicans, admired Franco, while everyone else, the Socialists (PSOE) and smaller parties like the Catalans, resent everything Franco.

8   Robert Sproul   2013 Dec 3, 7:28am  

Perhaps they are looking ahead at the societal stresses caused by their austerity fatigued citizens having to rent housing from American criminal syndicates:
(Reuters) - "Spain's conservative government agreed on Friday to toughen penalties for unauthorized street protests up to a possible 600,000 euro ($816,000) fine, a crackdown that belies the peaceful record of the anti-austerity protests of recent years."
http://www.reuters.com/article/2013/11/29/us-spain-security-idUSBRE9AS0MX20131129
The criminalization of dissent, across the globe, is a clear signal of the Oligarchies premonition that they are crossing the Rubicon.

9   HydroCabron   2013 Dec 3, 8:13am  

All I know is that if there are Nazis and anti-Nazis, then both sides are equally to blame.

Half the media outlets should be Nazi, and half anti-Nazi, or there's bias.

10   curious2   2013 Dec 3, 9:06am  

From the article:

“Job insecurity, salaries that are frozen or falling, and bad experiences with mortgages and foreclosures are all going to translate into a barbaric rise in the demand for rental accommodation,” Echavarren says.

AF, is Echavarren a cousin of yours? Anyway there may be a barbaric rise in demand for rental accommodation (and the fat, juicy tenants inside), but I don't know if it will be profitable for investors. Maybe the investors' goal is only to get the keys, keeping the buildings as a larder of last resort.

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