Clifford Chance and Simpson Thacher lead on Blackstone’s €12.25bn Logicor sale
Magic circle firm acts for China Investment Corporation on multibillion-pound logistics company purchase Clifford Chance (CC) and Simpson Thacher & Bartlett have taken the lead roles on Blackstone’s EUR12.25bn (?10.7bn) sale of its European warehouses and logistics business Logicor to China Investment Corporation (CIC).
US buyout giant Blackstone agreed the deal to sell the company to China’s sovereign wealth fund late on Friday (2 June). Logicor, which was founded by Blackstone’s real estate division in 2012, owns and operates a portfolio of warehouses and logistics assets in 17 countries across Europe. CC is advising CIC on the deal with a team lead by real estate co-head Adrian Levy with support from corporate partner Nigel Wellings, real estate partners Alis Pay and Catherine Cook, tax partner David Saleh and real estate finance partner Barry O’Shea.
Blackstone, meanwhile, has turned to long-time adviser Simpson Thacher. The US firm’s team included private equity real estate partner Wheatly MacNamara, private equity real estate and banking partner Tom Lloyd and corporate partner Adam Signy. Lloyd also advised Blackstone on the creation of Logicor in 2012.
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.” Other potential bidders for Logicor included Global Logistic Properties (GLP), a logistics real estate investment firm controlled by Singapore’s sovereign wealth fund GIC.
It is understood that GLP, which dropped out of the process in recent weeks, was taking advice from Kirkland & Ellis.
CIC was last year part of a consortium of investors that bought a 61% stake in National Grid’s gas distribution business.
The consortium was advised by CC and CMS.