Blackstone initiates contract renegotiations for Testa tenants

Blackstone has begun summoning tenants within its Testa residential portfolio to renegotiate rental contracts starting in October. This move is part of the firm's strategy to divest from Testa by selling properties individually on the retail market rather than selling the company as a whole.

The conflict centers on extraordinary contract extensions previously permitted under Royal Decree-Law 8/2026. Although the decree was later rejected by Congress, Blackstone intends to challenge the validity of extensions requested while the law was in effect through judicial channels. As part of the divestment process, Testa is also contacting occupants to present direct offers to purchase their homes.