Blackstone has sold three highrise apartment buildings in Mannheim to Grand City Property. The investment comprises 800 apartments with a total rental area of approximately 53,000 sqm. The purchase price was not disclosed. Loschelder Rechtsanwälte was Blackstone’s legal advisor. The highrise buildings are part of the Neckaruferbebauung (NUB) development, built in the mid-1970s and early 1980s. The transaction was prepared and coordinated by Sascha Janzen, a chartered surveyor, who said the buildings have evolved “from being a public problem to a desirable residential neighborhood.”
