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Blackstone Buys 1 Shopping Centre In León And 2 In Lisbon

13 May 2015 – El Economista

The US fund Blackstone is keeping its eyes fixed on the Iberian Peninsula. This was evidenced yesterday by the announcement that it had acquired three shopping centres in Spain and Portugal.

Specifically, it has purchased Espacio León (located in the province of the same name), which has a leasable surface area of 37,000 square meters. This transaction was closed through the purchase of CG Malls Europe’s shares in that shopping centre.

The other two are Almada Forum, which has a leasable surface area of 59,000 square metres and Forum Montijo with 42,000 square metres, which are both located in the Portuguese capital, Lisbon.

Through this transaction, the US fund has acquired leasable surface area of more than 138,000 square metres.

The properties will be managed by Multi Corporation, a company that Blackstone bought two years ago, which specialises in the management of real estate assets. Multi is currently the owner and manager of 25 real estate assets in Spain and Portugal.

As such, Blackstone is continuing to consolidate its position in the Iberian market. The US fund has made several purchases in the Portuguese territory in recent months.

Last December, the company acquired part of a portfolio from Novo Banco’s fund manager for €220 million, which became the latest real estate transaction of the year (in Portugal).

Two months ago, Blackstone also acquired Alverca Park (also in Portugal), which covers more than 60,000 square metres and contains offices and retail space.

Original story: El Economista

Translation: Carmel Drake