Blackrock's Europe Property Fund III has sold its stake in companies holding a portfolio of around 70 retail stores in Germany to Munich-based investment manager GIG Grundbesitz.
Blackrock's Europe Property Fund III has sold its stake in companies holding a portfolio of around 70 retail stores in Germany to Munich-based investment manager GIG Grundbesitz.
The transaction price was not disclosed.
The properties are located in southern and western Germany and leased by German retailer Aldi. They were initially acquired by MGPA Europe Fund III (now Blackrock Europe Property Fund III) as part of a larger portfolio of 140 German retail real estate assets in 2010.
'Today’s transaction is a significant milestone in our strategy to develop, transform and successfully sell this portfolio of German real estate assets', said Marius Schoener, head of Blackrock's German real estate business.
Blackrock Real Estate is the dedicated real estate investment group within US-based fund manager Blackrock and invests in strategies across the risk and return spectrum, providing access to all major property types. The business manages over $23 bn (€17 bn) of private and public real estate equity and debt on behalf of investors worldwide in 17 offices across 11 countries in Asia-Pacific, Europe and the US.
