Blackstone's European Core Plus platform has announced the acquisition of a residential portfolio in the centre of Berlin from a joint venture of KauriCAB Management and Apeiron/Ailon.
Financial details were not disclosed.
The portfolio comprises 2,500 residential units in Berlin, most of which are located in inner-city locations, as well as additional units in Brandenburg and Magdeburg.
'With this acquisition, we are systematically pursuing Blackstone Property Partners Europe's strategy to acquire well-located residential properties in growth cities and to hold and manage them on behalf of our investors over the long term,' said James Seppala, Blackstone's head of European Real Estate. 'Berlin continues to benefit from strong demographic and economic development, and we look forward to the opportunity to expand our German residential platform in one of Europe's most dynamic cities.'
Blackstone was represented by CBRE and Hengeler Mueller, while BNP Paribas and Greenberg Traurig advised the sellers.