Brookfield Asset Management has acquired Blackstone’s Fidere residential portfolio in Spain for approximately €1.2 billion (US$1.4 billion), according to multiple medial reports.

The transaction, which has a net value of about €1.05 billion, is one of the largest multi-family deals in Spain since the 2007–2009 financial crisis, according to Reuters. The portfolio comprises roughly 5,000 housing units across 47 residential buildings, all located in Madrid.

Blackstone said the sale marks a significant milestone in the Spanish residential sector, excluding its earlier acquisition of Testa Homes, Reuters reported. The deal had been previously reported as a potential transaction earlier this year.

Fidere disclosed the details in a regulatory filing.

Pictured: Fidere apartment property in Madrid.