The rapid internationalisation of the Spanish property market has triggered debates about the main characteristics of emerging post-crisis urban dynamics. Financial and urban policy reforms have shaped a model depicted by incessant rent increases and displacements. Echoing these concerns, this article addresses two interconnected objectives about the way policy restructuring encouraged transnational investments into Spanish real estate and the concomitant socio-spatial effects this wider asset reshuffling has produced. Both queries are discussed by pinpointing the multi-scalar investment strategies of the private equity firm, Blackstone, which emerged as the predominant institutional investor during the recovery phase of the Spanish property market. The article initially sketches out the trajectory of the political economy of housing in Spain, and then it focuses on the strategies pursued by Blackstone for the acquisition of real estate and housing stock. The following sections connect the nodes of the financial chain that link this investor to former social housing tenants whose homes are by now owned by Blackstone. The spatial and social effects of this change in property ownership demonstrate the importance of in-depth research about the financial nodes that interplay with and shape the post-crisis urban condition in and beyond Southern Europe.

中文翻译：

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追溯跨国地主房地产投资的社会空间逻辑：马德里黑石

西班牙房地产市场的快速国际化引发了关于新兴后危机城市动态主要特征的争论。金融和城市政策改革塑造了一个以租金不断上涨和流离失所为特征的模式。与这些担忧相呼应，本文讨论了两个相互关联的目标，即政策重组鼓励跨国投资西班牙房地产的方式以及这种更广泛的资产重组所产生的随之而来的社会空间影响。通过指出私募股权公司 Blackstone 的多标量投资策略来讨论这两个问题，该公司在西班牙房地产市场复苏阶段成为主要的机构投资者。文章初步勾勒出西班牙住房政治经济的轨迹，然后重点介绍 Blackstone 在收购房地产和住房存量方面所采取的策略。以下部分连接了金融链的节点，这些节点将这位投资者与前社会住房租户联系起来，这些租户的房屋现在归 Blackstone 所有。这种财产所有权变化的空间和社会影响表明，深入研究金融节点的重要性，这些节点与南欧内外的危机后城市状况相互作用并塑造它们。