Blackstone’s first European core-plus platform has bought a residential portfolio in Germany’s capital for an undisclosed sum.
The open-ended Blackstone Property Partners Europe acquired the asset in Central Berlin, which comprises 2,500 residential units, from a joint venture. The partners in the venture include asset managers KauriCAB Management and Apeiron/Ailon.
James Seppala, the head of European Real Estate at Blackstone, said: “This acquisition is consistent with Blackstone Property Partners Europe’s strategy to acquire well-located residential properties in growth cities and to hold and manage them on a long-term basis on behalf of our investors.
”Berlin continues to benefit from strong demographic and economic trends, and we are excited by the opportunity to expand our German residential platform in one of Europe’s most dynamic cities.”
Fundraising for Blackstone’s first pan-European core-plus real estate fund started last year.
The new fund will pursue a similar strategy in Europe to that of its US counterpart Blackstone Property Partners, according to sources.