Blackstone Acquires 400,000 SQM of Logistics Assets in Germany
Logicor portfolio in Germany now reaches 1 million sqm
London, 3 February, 2015: Blackstone Real Estate Partners Europe IV (“Blackstone”) announces the acquisition of ten assets in Germany for its European logistics company, Logicor from TREI Real Estate, the real estate management and development company of the Tengelmann Group.
The prime warehouse properties are located in core logistics markets close to major urban centres, including Düsseldorf, Munich, Berlin and Frankfurt. The properties are leased to tenants such as Netto Marken-Discount, Kaiser’s Tengelmann, Hellmann Worldwide Logistics and Schenker Deutschland.
This transaction is the sixth portfolio acquired in Germany over the past year and increases Logicor’s overall Germany portfolio to 1 million square metres.
Mo Barzegar, CEO and President of Logicor, said: “This acquisition was a unique opportunity to acquire a substantial, high-quality portfolio in Europe’s largest logistics market. We now have a significant footprint in Germany, with 28 assets across the country leased to a broad mix of retail, third party logistics and manufacturing customers.”
This latest transaction follows Logicor’s acquisition of three logistics warehouses totaling 160,000 sqm of space in Cologne and Düsseldorf, announced in January 2015.
NAI apollo and Hengeler Mueller advised the vendor. Blackstone and Logicor were advised by CBRE, Gleiss Lutz and Deloitte.
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 6.7 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