US private equity group Blackstone has been revealed as the buyer of AXA Immoselect's Italian portfolio consisting of six flagship office and retail assets.

US private equity group Blackstone has been revealed as the buyer of AXA Immoselect's Italian portfolio consisting of six flagship office and retail assets.

Blackstone has signed the deeds on five out of a total of six assets owned in Italy by AXA Immoselect, representing a total value of around €250 mln, according to two well-informed market sources who wished not to be named.

Blackstone acquired the 26,000 m2 Nhow hotel at Via Tortona 35 in Milan, which is operated by Hauptmie with a contract running through 2021 and was last valued at €47 mln; the 103,000 m2 Tortona Logistic Centrum valued at €49 mln; a 41,000 m2 industrial asset at Via Canapi in Oleggio valued at €15 mln, as well as the 16,000 m2 La Scaglia in Civitavecchia worth some €24 mln and a 32,700 m2 office building at Viale Parco dei Medici in Rome, last valued at €91 mln.

The transactions were completed for a price of around €180 mln, representing a 25% discount to the latest appraised market value.

Following the deal, AXA Immoselect still owns the 39,000 m2 Antegnate mall in Bergamo, northern Italy, which was last valued at €108 mln. Blackstone preferred not to include the mall in the acquired portfolio, and C&W, which is advising the vendor, is continuing to look for a buyer for the asset, although it is proving difficult to sell.

Blackstone has been one of the largest investors in Italy over the past few months. In September, it completed the acquisition of the Franciacorta Outlet Village for a discount of nearly 20% to market value.

The deal amounted to €126 mln, reflecting a yield of nearly 10%.

A month later, Blackstone bought Italian publisher RCS’ head office at Via Solferino in Milan for about €120 mln.