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Report: Blackstone close to selling Portuguese mall to MERLIN for €450M

Blackstone Group LP is nearing the sale of the Almada Forum mall near Lisbon to MERLIN Properties for €450 million, Bloomberg News reported, citing people with knowledge of the matter.

The Spanish real estate company is paying twice the amount the private equity giant shelled out to buy the shopping center in 2015, the outlet added in a Feb. 7 report. Blackstone had acquired the Almada Forum and Forum Montijo retail centers from a fund managed by Commerzbank AG for a total price of €330 million.

The Almada Forum mall, which offers 230 stores and a food court, is one of the four shopping centers in Portugal that the American company was seeking to sell in July 2017. The remaining three, namely, Sintra Retail Park, Forum Sintra and Forum Montijo, are being acquired by Groupe Auchan SA, according to the report.

The retail assets have a total estimated value of between €750 million and €950 million.