Blackstone has completed its sale of Valad Europe to Australia’s Cromwell Property Group, four years after buying its parent company, Valad Property Group.
The process to select a new long-term owner started six months ago.
The deal marks a return to Australian ownership, four years after Blackstone bought Australian-listed Valad Property Group and spun out the European arm.
The division was jointly held by Valad Europe’s management and Blackstone’s Real Estate Partners VI fund.
Cromwell, an Australian real estate investment trust (REIT), paid €145m for the fund management business, having raised €150m from investors through a convertible bond issue.
Valad Europe, which manages €5.3bn in assets across 24 mandates in 13 European countries, will continue to be run by the same management team and operated as an independent business.
Cromwell entered into a conditional share purchase agreement in January with Blackstone Real Estate Partners VI and Valad Europe’s management, which also owned a stake.