Blackstone sells Cork property for £77m

Blackstone has sold a mixed-use property in Cork, Ireland, for €87.5m (£76.7m) to New York Stock Exchange-listed investment firm Kennedy Wilson. The acquisition, The Elysian, comprises 206 multifamily/PRS units, 67,600 sq ft of retail and office space as well as 550 car parking spaces. The residential element is 98% leased and the commercial space is 61% leased. Mary Ricks, president and chief executive of Kennedy Wilson Europe, said: “The Elysian is a leader in the Cork multifamily/PRS market and one of Ireland’s most high-specification schemes. “We see good near-term and medium-term prospects to expand NOI by leasing the vacant commercial