Blackstone Acquires 160,000 SQM of Logistics Assets in Germany
London, 23rd January 2015. Blackstone Real Estate Partners Europe IV (“Blackstone”) announces the acquisition of three assets in Germany for its European logistics company, Logicor.
The warehouse properties are located in core logistics markets adjacent to the city centres of Cologne and Düsseldorf and are 100% leased to the logistics arm of a leading German department store.
This transaction is the fifth portfolio acquired in Germany over the past year and increases Logicor’s overall Germany portfolio by more than 40%, taking it to 550,000 square metres.
Mo Barzegar, Chief Executive and President of Logicor, said: “This acquisition substantially increases our exposure in a core European logistics market with solid long-term real estate operating and economic fundamentals. Our investment strategy remains focused on acquiring high-quality, well-located product that represents value-added opportunities in the short to mid-term. This is a great start for us in 2015 and we look forward to building our pan-European portfolio further over the coming months.”
About Logicor
Logicor, Blackstone’s European logistics platform, is one of the premier real estate companies in Europe focusing on the operation of modern logistics and distribution properties. Logicor currently owns in excess of 6 million square metres in properties across key markets in 12 countries.
About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has more than $80 billion in investor capital under management. Blackstone’s real estate portfolio includes hotel, office, retail, industrial and residential properties in the US, Europe, Asia and Latin America. Major holdings include Hilton Worldwide, Invitation Homes (single family homes), Logicor (pan-European logistics), SCP (Chinese shopping malls), and prime office buildings in the world’s major cities. Blackstone real estate also operates one of the leading real estate finance platforms, including management of the publicly traded Blackstone Mortgage Trust (NYSE: BXMT).
Media Contacts:
Mark Roberts
Logicor
+44 (0)20 7198 2425
Andrew Dowler
Blackstone
+44 (0)20 7451 5275