21/05/2014 – Expansion
The U.S. investment fund vies for four buildings situated in Alcobendas (Madrid) and Sant Cugat and Esplugues de Llobregat (Barcelona). The assets are sold by CBRE Global Investors that had run an asset rotation strategy involving also a sale of three shopping malls.
Blackstone offered over €150 million for the four buildings as their tenants are no ordinary companies. Three of the units are occupied by Citibank, Capgemini and HP and the first two headquarters belong to an office complex located in Alcobendas, near to Madrid. Hewlett-Packard converted its building in Sant Cugat into its new world technology and development center. The fourth property, called the Imaginia Visual, is situated in Esplugues de Llobregat and presently leased by Mediapro.
Last week, the U.S. giant acquired a residential building in Torrejón de Ardoz (Madrid) from Martinsa Fadesa for which it paid €21.6 million. The 238 dwellings are ought to be added to the 1.800 subsidized houses bought by Blackstone for €128.5 million in June last year. It named Magic Real Estate to manage the properties.
Blackstone has also acquired another 1.000 subsidized units from FCC and Sareb.
The fund eyes not only residential real estate but also industrial property. Last year, it acquired three logistics platforms in Madrid and Barcelona for joint €47 million. Moreover, in April, it bought the real estate servicer of Catalunya Banc and has recently taken part in the bidding for the Project Octopus.
Original article: Expansión (by Rocío Ruiz)
Translation: AURA REE