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Blackstone acquires three shopping centers for $560m

by Andrea Waitrovich

The Blackstone Group’s European real estate fund, Blackstone Real Estate Partners Europe IV, has announced the acquisition of an additional three retail assets in Portugal and Spain.

The 1.7 million-square-footportfolio will be managed by the organization’s European retail platform, Multi Corp. A sales price was not disclosed; however, Real Capital Analytics estimates the transaction value to be $560.4 million.

Blackstone acquired these shopping centers through the acquisition of the shares of the CG Malls Europe Fund. Multi Corp. is one of Europe’s leading shopping center owners and managers and owns and manages 25 assets in Portugal and Spain.

The largest and highest-priced mall was the 849,365-square-foot Forum Alamada in Portugal, valued at $275.3 million. The 484,380-square-foot Forum Montijo in Portugal is valued at $157.2 million, and the 394,135-square-foot Espacio Leon in Spain is valued at  $137.9 million.

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