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Blackstone sells Spanish offices to French Tikehau, Singapore’s IREIT for €130m
Transactions - DECEMBER 12, 2019

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Blackstone sells Spanish offices to French Tikehau, Singapore’s IREIT for €130m

by Andrea Zander

Blackstone has sold four office buildings in Madrid and Barcelona to French asset manager Tikehau Capital and Singapore’s IREIT Global for a price of €130 million ($144 million).

Blackstone held the four assets in its Spanish REIT vehicle Corona Patrimonial SOCIMI, S.A. Two are located in the northeastern Madrid business hub of Manoteros, totaling a combined 24,972 square meters (268,796 square feet), and another two properties are located outside of Barcelona, totaling 47,056 square meters (506,507 square feet).

IREIT and Tkehau Capital created a joint venture to purchase these assets, with the Singaporean fund controlling 40 percent of the capital and Tikehau Capital holding the remaining 60 percent.

The proposed transaction would allow Blackstone to complete its liquidation o

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