Blackstone has sold a mixed-use property in Cork, Ireland, for €87.5m (£76.7m) to New York Stock Exchange-listed investment firm Kennedy Wilson.
The acquisition, The Elysian, comprises 206 multifamily/PRS units, 67,600 sq ft of retail and office space as well as 550 car parking spaces.
The residential element is 98% leased and the commercial space is 61% leased.
Mary Ricks, president and chief executive of Kennedy Wilson Europe, said: “The Elysian is a leader in the Cork multifamily/PRS market and one of Ireland’s most high-specification schemes.
“We see good near-term and medium-term prospects to expand NOI by leasing the vacant commercial space and implementing the Kennedy Wilson Residential package of amenities to drive unit rental growth.
“The Elysian has virtually no residential projects in direct competition.
“The same strong fundamentals across the Dublin multifamily/PRS market exist in Cork and we see opportunities to continue investing in both markets.”
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