Cerberus hires Deutsche Bank to market the “Gloria Project”: 3,300 rental homes in Spain (77% in Madrid) valued at €600–€800M; offers due next month.
Cerberus has instructed Deutsche Bank to market a major portfolio of rental flats in Spain, a move that could remove thousands of homes from the private rental market at a time when Madrid and other cities are already feeling pressure on supply.
What’s for sale
• The portfolio, marketed as the “Gloria Project,” comprises roughly 3,300 homes and is expected to attract offers next month, according to documents seen by news agencies.
• Valuation guidance places the transaction between €600 million and €800 million.
• Location breakdown: about 77% of units are in Madrid, 16% in Valencia and the remainder spread across Alicante, Málaga and Seville.Ownership and origins
• The homes are owned by MACC, a vehicle fully controlled by US private equity firm Cerberus.
• MACC was built with residential assets Cerberus acquired over the last decade from Spanish banks, including Banco Santander, BBVA and Banco Sabadell.Why the sale matters
• The planned divestment is one of the largest single rental-home sales of the year and comes amid a broader trend of global investment funds reducing exposure to Spanish residential rental assets.
• Industry sources note that removing thousands of rental units from fund-owned portfolios can tighten available supply for tenants—particularly in Madrid, where the bulk of these homes are concentrated—raising the risk of further upward pressure on rents.Bigger wave of disposals: Blackstone and others
• Cerberus’s sale is not isolated. Blackstone is simultaneously moving to sell a much larger portfolio tied to REIT Fidere. That package includes 5,200 units (roughly 36 buildings dedicated to rental with about 4,000 flats plus 1,200 dispersed units) and is believed to be marketed for around €1,000–€1,200 million.
• Blackstone has engaged JLL and Eastdil to run that process.Market implications and what to watch
• Potential buyers are likely to include pension funds, insurance companies, real estate investment trusts and other private equity firms or consortiums. Domestic Spanish investors and housing-focused funds could also be active if regulatory or political sentiment pushes for local ownership.
• Key near-term milestones: submission of offers next month for the Gloria Project, and any competing bids or joint ventures that may form to absorb large portfolios.
• Observers will be watching how these disposals affect rental availability and prices, particularly in Madrid neighbourhoods with high demand.
Cerberus’s decision to appoint Deutsche Bank to sell the Gloria Project underscores a notable shift as global funds pare back holdings in Spanish rental housing. With thousands of homes potentially changing hands and Madrid bearing the brunt of the supply, the transactions could have meaningful short- and medium-term effects on the local rental market and affordability.
