Europe Property Funds Near Reckoning as €12 Billion Gets Pulled
Funds may soon have no choice but to sell office buildings -- triggering a wave of revaluations that threaten any market recovery.
After trying and failing to sell office buildings from Paris to Frankfurt, Amundi SA is finally nearing a sizable sale.
Photographer: Zula Rabikowska/BloombergAfter trying and failing to sell office buildings from Paris to Frankfurt, Amundi SA is finally nearing a sizable disposal that will help raise cash for investors who want out of its property funds.
Blackstone Inc. agreed to buy a group of business parks for €250 million ($270 million) to €300 million from Europe’s largest asset manager, according to people with knowledge of the matter. The US investment firm is betting some will have a more profitable future once they’re turned into dedicated logistics facilities, the people said.