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The world’s largest alternative asset manager, Blackstone, is leading the pack with its $1B bid to buy Dublin’s largest shopping complex, Blanchardstown, from current owner Green Property Group.
The private equity giant is fighting off two other bidders, Chartered Land and the Canadian Pension Plan Investment Board, for the 12M SF site, but its record and standing have made it Green Property’s preferred option, despite its putting up a lower offer.
Blackstone is tapping in to a heating-up Irish real estate market—just after the country’s finance minister announced an expected 5% economic growth for 2016, Private Equity Real Estate News reports.
The acquisition moves from Blackstone come as the firm rebounds from a rough Q1, when it saw profits fall 75%—which itself followed Q4 ’15’s 70% cut in profits. [PERE]
