Blackstone has appointed Knight Frank to market a portfolio of 60 Parisian luxury apartments, Bloomberg News reported. The sales process, expected to launch later this year, is expected to generate more than €100 million (approximately US$115 million).
The apartments, contained in the Centre d’Affaires Paris Trocadéro complex, are part of an acquisition from Union Investment late last year. Blackstone paid about €700 million (US$840 million) for the complex, which is located in the 16th district of Paris, one of the city’s most sought-after residential and commercial areas.
Bloomberg reported that the move comes as real estate investors increasingly focus on unlocking value through selective sales, rather than relying solely on rental income in a higher interest rate environment. Although the Paris luxury property market has shown signs of recovery, political uncertainty in France has introduced some risks, with concerns that high-net-worth individuals could shift capital away from the market.
Photo credit: Union Investment.
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