Blackstone and Santander to Sell 323 Homes at Origo Mare

The decision not to continue the Pierre et Vacances operation ends the tourist exploitation, and the properties will be sold as residential units.

Background

The Origo Mare urbanisation in northern Fuerteventura continues to make headlines years after its construction, as it impacts a habitat of community interest. In 2017 the European Commission opened a formal infringement procedure against Spain for breaching EU environmental protection rules in the development known as Casas de Majanicho.

• The land was re‑classified as rural, not urban, leading to the cancellation of the urbanisation licence.
• Europe demanded explanations from Spain for the damage to a community‑interest habitat, noting the loss of:
  • 1 million m² of “malpaís” (badlands)
  • 97 000 m² of embryonic mobile dunes
  • 39 000 m² of a current Special Protection Area for birds

Despite a Supreme Court ruling (February 2011) that definitively annulled the final approval of the development, neither the Canary Islands government, the island council, nor the municipality of La Oliva have ever considered demolition.

Exit of Pierre et Vacances

Since 2014, the 323 homes in Origo Mare have been operated as a tourist establishment under the French brand Pierre et Vacances. The brand is set to leave the complex in early November, bringing the tourism operation to an end.

Sources indicate that, from that moment on, ALISEDA—the real‑estate arm of the Blackstone investment fund and Banco Santander—will place the properties on the market. The units, ranging from one to two bedrooms, could be priced attractively for residents or investors, although prices may rise as the sale process begins, especially given the current market pressure in northern Fuerteventura.

Outlook

This massive transaction is expected to generate multimillion‑dollar profits for the investors. The urbanisation has long lived under a “sword of Damocles” of legal scrutiny, stemming from questionable urban‑planning and environmental management by municipal, island and regional authorities.

“The exit of Pierre et Vacances liquidates the tourist exploitation, turning the homes into residential assets,” the article notes.