The Blackstone Group completed the acquisition of an 80% stake in Reale Compagnia Italiana, a property administrator in Milan, Italy, for €1.1bn. The portfolio of Reale Compagnia Italiana is comprised of 14 assets totalling 92.5k square meters and is concentrated in central Milan, the city boasting the highest GDP per capita in Italy. The portfolio includes a trophy asset on Via Montenapoleone, Milan’s iconic luxury high street; two landmark office properties in central Milan; nine well-located residential properties in Milan; a 5-star hotel in central Milan, fully leased on a 14-year term to one of Europe’s largest operators; and a historical gallery in central Turin.