Blackstone has bought a 1.2m sqft shopping retail complex in Ireland for its fourth European real estate fund.

The US private equity firm bought Blanchardstown Centre – understood to be worth close to a €1bn – from Irish company Green Property.

The complex in Dublin, which includes more than 180 stores, restaurants and leisure facilities, was acquired on behalf of €6.6bn Blackstone Real Estate Partners Europe IV.

Blackstone said there was capacity to develop an additional 1.6m sqft of commercial space.

Multi Corporation, a pan-European retail management platform owned by Blackstone, will take over management of Blanchardstown.

Anthony Myers, head of European real estate at Blackstone, said the deal underlined the company’s ”commitment to Ireland and belief in the strength of its economy”.