Blackstone sells «Corona» assets to Tikehau Capital & Ireit Global

Blackstone has sold the 4 assets it held in its Spanish REIT vehicle, Corona Patrimonial SOCIMI, S.A., to Tikehau Capital and Singapore’s Ireit Global for €130.5 million euros.

Blackstone’s Spanish REIT Corona owned 100% of the shares of holding vehicles Gloin Investments, Chameleon Esplugues and Chameleon Sant Cugat which in turn held the Delta Nova 4 and 6 buildings located on Madrid’s Manoteras avenue; the Il·lumina building in Esplugues de Llobregat (Barcelona); and the Sant Cugat Green Building in Sant Cugat del Vallès (Barcelona). The offices have tenants such as CLECE, Coca Cola, Roche, DXC, Digitex, Gesif and the Catalan Media Corporation.

These were the last four properties that Spanish REIT Corona had in its portfolio following the sale, during summer, of La Moraleja’s MB One building to Grosvenor for €80 million.

Ireit and Tkehau Capital have created a JV to purchase these assets, with the Singaporean fund controlling 40% of the capital and Tikehau Capital holding the remaining 60%.

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