Blackstone has bought a shopping centre portfolio in Portugal and Spain, which will be managed by its Multi Corporation retail manager.

Blackstone’s Real Estate Partners Europe IV bought shares in the three assets from Commerz Real’s CG Malls Europe Fund.

The investor is understood to have paid around €500m for the portfolio, according to media reports.

Two of the centres are in Lisbon and offer 59,000 sqm and 41,000 sqm of space. A third asset, in northern Spain, has 37,000 sqm of space.

Commerz Real had owned the assets since late-2007 when it bought the portfolio with finance provided by EuroHypo, according to archive documents.

In a valuation by Cushman & Wakefield at the time, the portfolio was worth €657m, with the two assets in Lisbon, Almada and Montijo, worth €381.3m and €171.6m respectively.

While investment in Portugal is yet to return to previous levels, Spain continues to attract capital. Blackstone has been a major investor there in recent years. In July last year, the firm paid €6.39bn for a loan portfolio sold by CatalunyaCaixa.