A US private equity firm managed by the former head of Blackstone has made its first purchase in Europe, according to EG’s sister title EuroProperty.
Northwood Investors, a New York-based investment advisor, has bought a 75% stake in Défense Plaza, a 14-storey office asset in Paris, for an undisclosed amount.
Northwood is managed by former Blackstone president and chief executive John Z Kukral. Sources say the property, sold by Beacon Capital Partners, is worth around €300m-€350m (£270m-£316m).
For more on this and other issues affecting Europe’s commercial property markets subscribe to EuroProperty by clicking here (http://www.estatesgazette.com/europroperty/)
