BlackRock to buy $2.7B in European real estate

Private equity behemoth betting on weak euro

New York /
Dec.December 10, 2015 10:09 AM

The world’s largest asset manager, BlackRock, plans to take advantage of the weak euro to buy as much as $2.7 billion in European property over the next three years.

The euro has fallen by about 12 percent relative to the U.S. dollar over the past year, leading many investors, especially those hailing from North America, Asia and the Middle East, to buy in.

Those buyers bought 32.5 billion euros worth of commercial property in Europe in the first 9 months of 2015, according to Real Capital Analytics.

BlackRock will focus on “value-add” buildings where it can renovate or add new tenants. And they’re not the only ones.

Investors purchase 19 billions euros worth of European value add properties in the first six months of the year, a 50 percent increase from the previous year according to Real Capital Analytics, Bloomberg reported.

In 2006, Midtown-based BlackRock, led by Larry Fink, bought Stuyvesant Town along with Tishman Speyer for $5.4 billion. The developers were forced to release the property to their creditors in 2010, but Fink recently said he’d do it all over again. [Bloomberg] – Ariel Stulberg


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
RealSure CEO Katie Finnegan (LinkedIn)
Realogy, Home Partners of America iBuying venture hires first CEO
Realogy, Home Partners of America iBuying venture hires first CEO
Padel (it’s a sport!) club to open in Brooklyn warehouse
Padel (it’s a sport!) club to open in Brooklyn warehouse
Padel (it’s a sport!) club to open in Brooklyn warehouse
Vornado’s Roth reportedly bat down de Blasio’s plans for Fifth Ave. busway
Vornado’s Roth reportedly bat down de Blasio’s plans for Fifth Ave. busway
Vornado’s Roth reportedly bat down de Blasio’s plans for Fifth Ave. busway
Food52 CEO Amanda Hesser, Rudin Management president Eric Rudin and 1 Dock 72 Way in Brooklyn (Getty, Rudin)
Rudin’s Dock 72 notches Food52 as second tenant
Rudin’s Dock 72 notches Food52 as second tenant
CoStar Group Andrew C. Florance (Getty)
CoStar profits up, but demand for apartment ads sinks
CoStar profits up, but demand for apartment ads sinks
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...