Blackstone real estate funds have acquired a €260m French logistics portfolio from Patrizia.

Announcing the deal, Patrizia said it sold the portfolio on behalf of the TransEuropean Property Limited Partnership VI fund has completed the sale of the fully-leased 362,721sqm portfolio of ten properties.

Patrizia will continue to manage the portfolio on behalf of Blackstone.

Paul Hampton, head of international funds at Patrizia, said: “Credit must go to our transaction and local asset management teams for their hard work in assembling and stabilising this portfolio over the past three years and then securing the fund’s exit.

“To be retained to work with Blackstone on the management plans going forward is clearly especially pleasing.”

Launched in 2016, Patrizia’s TEP VI is a diversified, leveraged pan-European investment programme with a focus on office, retail, residential and industrial properties in large metropolitan areas of core Western Europe, including the UK.

Patrizia is currently in the final stages of marketing for TEP VII which launched in 2018 and is expected to have total firepower of €1.5bn.

Patrizia said since the launch of TEP VII and its second close of €250m in February 2019, eleven investments across Madrid, Paris, Barcelona and Berlin, totalling €505m, have been either contracted or placed under exclusivity.