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Blackstone's Portugal bet pays off as malls become hot property

Private equity firm began snapping up shopping centres in 2013; it is currently completing the sale of a fourth mall

Visitors strolling through the Dolce Vita Tejo shopping centre, operated by AXA Real Estate Investment Managers. The company acquired the mall for 230 million euros from Baupost and the Eurofund Group in January.


EVEN as many property investors were shunning Portugal during its bailout years, the Blackstone Group was buying.

The New York-based private equity firm began shopping for malls in 2013 and that bet is now paying off: it agreed last month to sell three shopping centres...

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