Blackstone to sell European logistics firm Logicor for EUR12.25bn …
China Investment Corporation’s (CIC) affiliates have agreed to acquire pan European logistics firm Logicor from Blackstone for EUR12.25bn. Logicor owns and operates advanced logistics assets in 17 countries, including most of the assets in the UK, Germany, France and Southern Europe. Featuring around 147 million ft? of logistics space, the assets are situated across Europe’s major economies, along primary transport corridors and near to large population centers.
In December 2015, Logicor acquired 19 logistics assets, totalling around 600,000m? of space, in Italy and Belgium. In Italy, the company purchased four assets, including around 175,000m? of space, near Milan from a local developer. In Belgium, the firm has acquired nine assets, totaling around 156,000m?, from Axa Reim.
The deal is expected to close later this year. Blackstone Real Estate Europe head Anthony Myers said: “We built Logicor through over 50 acquisitions to be a premier pan European logistics real estate company. “It will now have an excellent new long term owner, and we have no doubt that it will go from strength to strength in a sector with hugely positive prospects.”
Logicor CEO Mo Barzegar said: “We are excited about the company’s future prospects under the new long-term ownership of CIC with whom we will continue to deliver and exceed our customers’ expectations.” In February 2016, Blackstone acquired logistics portfolio from Austria’s Immofinanz. As part of the deal, Blackstone acquired 36 logistics properties, totaling one million m2 of space, in Europe.
Logicor is specialized in acquisition of new assets, building and development of property extensions, leasing and property management.
Image: CIC to acquire pan European logistics firm Logicor from Blackstone.
Photo: courtesy of adamr / FreeDigitalPhotos.net.