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Blackstone Group LP (BX:US), the largest manager of private-equity real estate funds, agreed to buy a group of Madrid apartments for 125.5 million euros ($166 million) in its first property purchase in Spain.
Blackstone, based in New York, is acquiring 18 apartment blocks with a total of 1,860 units from the city of Madrid. Of those units, 1,208 are rented to tenants and 652 are leased with an option to buy, according to an e-mailed statement from Cristina Garrido, a Blackstone spokeswoman.
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