Blackstone has sold an office building in Barcelona to Amancio Ortega, the founder of Zara, for 250 million euros, equivalent to approximately $283 million. The property, located on Avenida Diagonal, is currently rented by the Spanish editorial business Planeta.
The sale to Ortega's investment vehicle, Pontegadea, represents a successful divestiture of a real estate asset for Blackstone. This transaction allows the firm to realize value from its European property holdings.
This move aligns with Blackstone's active portfolio management strategy, where it continuously evaluates and optimizes its real estate investments. The proceeds from the sale can be reallocated to new opportunities across its diverse asset classes.
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