The Blackstone Group has purchased the pan-European, multi-sector Clover portfolio for a price reported to be in excess of €230 million.
The portfolio comprises of twelve properties with approximately 1.8 million square feet of office, retail and logistics space and a geographical reach covering Germany, France, the UK and the Netherlands.
The New York-based real estate investment giant acquired the portfolio from Real IS, the property investment arm of German bank BayernLB.
“In the currently very tight market environment it offers investors an excellent opportunity of investing in one go in various attractive markets and usage types,” commented Jochen Schenk, chairman of Real IS.
Blackstone has been active throughout Europe this year with deals including the Palmanova Outlet Village, a high-end fashion outlet center in Italy for €80 million and the acquisition of three shopping malls in Spain and Portugal for a price approaching €500 million.
The firm also made a big bet on the Nordic real estate market when it purchased a 34 percent stake in a Norwegian investment management firm as well as a portfolio of Nordic properties for nearly $3 billion back in July.
Knight Frank represented Real IS on the sale of Clover.