BlackRock property fund sells retail real estate portfolio in Germany
The BlackRock Europe Property Fund III has sold its stake in companies holding a portfolio of around 70 retail stores in Germany to GIG Grundbesitz Immobilien.
The transaction price has not been disclosed.
The properties, which are located in southern and western Germany and leased by German retailer ALDI, had initially been acquired by MGPA Europe Fund III (now BlackRock Europe Property Fund III) as part of a larger portfolio of 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,” says Marius Schoener, head of BlackRock's German real estate business.
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