(To read more on the multifamily market, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.