Blackstone Real Estate Partners Europe IV entered into an agreement with 10 funds managed by Norwegian Obligo Investment Management AS to acquire the portfolios in an all-cash deal.

The portfolio of residential and commercial property in Norway, Sweden, Finland, Latvia, Germany and the US includes shopping centers, hotels, and apartments.

“We have had a long-standing ambition to increase our presence in the Nordics,” says James Seppala, head of European Acquisitions at Blackstone.

“Following the acquisition of the real estate portfolio managed by Obligo, we will have a real estate portfolio in the Nordics which fits our investment strategy well.”

Blackstone has also bought 34 percent of Agasti’s operational business subsidiary, principally made up of Obligo, for MNOK 250 (€ 27,5).