Basque Government buys 510 homes from Blackstone for €100 million

✦ Meridian Analysis

The Basque regional government has agreed to purchase 510 residential units in San Sebastián's Benta Berri neighbourhood from Testa Residencial, a subsidiary of Blackstone, for €100 million. The transaction acquires the right of superficies that Testa holds over the properties, which will be kept as protected rental housing. The government will own the land, while Testa will transfer the surface rights, effectively preserving the protected status of the homes. The deal, the largest of its kind in Spain, was negotiated after tenants were threatened with the loss of their protected‑rent status in November 2028; the government's intervention guarantees rental for the families living there. According to Basque housing councillor Denis Itxaso, the Ministry of Housing will contribute €31 million to the purchase. The Benta Berri deal is the first time a public administration in Spain has bought a block of this size from an investment fund. The Basque government has reached a preliminary agreement, with the signing scheduled for the end of this year. The public sector will need to confirm the exact financing structure, including any additional contributions or guarantees, and the timetable for the handover of the properties to the government. These details, once disclosed, will clarify the full cost of the intervention and the operational responsibilities that will follow the transfer.

The Meridian Weekly