Mannheim: Blackstone apartment high-rises go to Grand City
Blackstone has sold three high-rise apartment buildings in Mannheim to Grand City Property. The announcement said the over 800 apartments with a total rental area of around 53,000 sqm produce an annual rental income of about €3.7mn. No mention was made concerning the purchase price. The transaction was prepared and coordinated by Sascha Janzen – Chartered Surveyor. Blackstone took legal advice from Loschelder Rechtsanwälte, Cologne. The high-rises are part of the Neckaruferbebauung (NUB) constructed in the mid-1970s to ’80s. Blackstone had acquired the properties in 2007. Sascha Janzen said that through asset and property management, the buildings have changed “from being a public problem to a desirable residential neighborhood.”
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