The Supreme Court forces the Blackstone fund to sell the apartments it bought in 2013 from the Municipal Housing and Land Company (EMVS) when Ana Botella was mayor of Madrid. In addition, Blackstone will have to sell the homes at the sales price for which it bought them: 68,000 euros. The vulture fund has already announced that it will appeal the ruling, considering that there has been an error of interpretation of the property deeds.
The judges of the Supreme Court recognize the right of withdrawal of the tenants of the homes by confirming a lawsuit filed in 2019 in the National Court against Fidere, the company through which Blackstone purchased the homes.
Specifically, The Supreme Court rejects the appeal filed by Fidere Propiedad SLU against the sentence handed down on September 27, 2019 by the Provincial Court of Madrid. The lawsuit was filed in August 2017.
The ruling of the National Court condemned Blackstone to “grant the corresponding public deeds of sale in favor of the plaintiffs for the sale price of their acquisition by the defendant entity.”
“An error in interpretation,” according to Blackstone
For their part, Fidere advances that they will appeal the ruling because they are in “total disagreement” with the ruling as they consider that there is “an error in interpretation” and they will request documentation from the Supreme Court to clarify that the sale was en bloc and that the garages those referred to in the ruling were not sold by the EMVS because they were not its property.
Aside from this point, the Blackstone company celebrates that the High Court has once again confirmed that the right of first refusal does not apply to bulk salesas is the case of Fidere’s acquisition of the EMVS assets in October 2013.
Likewise, remember that the sale of the aforementioned apartments of the housing and land company was carried out in a public and transparent auctionwhich was approved by the EMVS and the authorities.
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