FRANKFURT-Blackstone Real Estate Partners has sold its majority stake in the Vitus Group. A group of institutional investors purchased a majority of Blackstone's shares for $2.1 billion. New York City-based Blackstone will maintain a minority interest in Vitus.

The Vitus Group is a German residential company with significant holdings in Bremen, Moenchengladbach, Kiel and Wupperta. The firm owns more than 31,000 apartment units.

Blackstone acquired the Vitus Group in 2004 from WCM Beteiligungs-und Grundbesitz AG and immediately began portfolio enhancements including "the optimization of the financing structure of the residential property portfolio, the establishment of an enhanced group structure with streamlined back-office operations, a switch to a uniform IT solution, and the modernization of individual properties," according to Blackstone executives.

The buying group includes Morley Fund Management and Round Hill Capital, among others.

Blackstone Real Estate Partners is a part of the larger Blackstone Group, which has been rapidly closing deals throughout the US and abroad in 2007. At the beginning of February, Blackstone won a bidding war and took Equity Office Properties Trust for $23 billion. Following the completion of that merger, Blackstone has sold off large chunks of the newly acquired properties in San Diego, Los Angeles and Portland, OR.

This latest deal follows closely on the heels of Blackstone's purchase of the Tussaud Group for $1.9 billion. As reported by GlobeSt.com, Blackstone's Merlin Entertainments Group bought the attraction operation company to become the second largest entertainment company in the world.