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BlackRock property fund sells retail real estate portfolio in Germany
The BlackRock Europe Property Fund III, part of BlackRock’s real estate business, has sold its stake in companies holding a portfolio of around 70 retail stores in Germany to GIG Grundbesitz Immobilien and GIG Grundbesitz Beteiligungs. The transaction price was not disclosed.
The properties, which are located in southern and western Germany and leased by German retailer Aldi, had initially been acquired by MGPA Europe Fund III (now BlackRock Europe Property Fund III) as part of a larger portfolio of German retail real estate assets in 2010.
The BlackRock Europe Property Fund III closed with €841.56 million ($1.15 billion) in 2008. The fund made real estate investments across Europe, employing an opportunistic strategy to invest in property assets, development and redevelopment projects, real estate operating companies, undeveloped land, mortgage loans and mezzanine finance for real estate. It invested in oppo