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NEW YORK—Funds advised by Blackstone Tactical Opportunities and Round Hill Capital have agreed to sell a residential property portfolio in the Czech Republic for approximately $1.4 billion. The portfolio, which is owned and operated by RESIDOMO, is trading to Heimstaden Bostad AB.
The portfolio consists of 4,515 assets with 42,584 residential units and 1,675 commercial units. It is the largest privately held residential portfolio in the Czech Republic.
The assets are focused mainly in the Moravia-Silesia region, which has over 1.2 million inhabitants and is the most densely populated region in the Czech Republic after the capital city Prague. Approximately one-third of the portfolio is in Ostrava, which is the second largest urban area in the Czech Republic.
The Blackstone and Round Hill Capital funds acquired the portfolio in 2015. There were multiple capital investments made, including the opening of a number of community centers, the digitalization of the tenant experience, the roll-out of caretaker services and an increased focus on the needs of more senior tenants.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
