Iberia, Blackstone buys three shopping centres in Spain and Portugal for €500m

Blackstone Real Estate Partners has acquired an additional three assets in Portugal and Spain which will be managed by its European retail platform, Multi Corporation. 

Blackstone acquired these shopping centres through the acquisition of the shares of the CG Malls Europe Fund, for just under €500m (GBP £356.m).

Multi is one of Europe's leading shopping centre owners and managers and owns and manages 25 assets in Portugal and Spain.

The new additions to the portfolio are:

- Almada Forum, in Lisbon, one of the leading shopping centres in Iberia, with 59,000 m2 of lettable space;
- Forum Montijo in Lisbon, with 41,000 m2 of lettable space; and
- Espacio Leon in Northern Spain, which has 37,000 m2 of lettable space.

Jaap Blokhuis, Chief Executive Officer of Multi, said: "These are all high-quality award winning assets originally developed by Multi that we will integrate into our operations in the region. We will use our skills as a leading pan-European operator to further improve their attraction for retailers and local consumers."


Source: PropertyMall