Blackstone has bought a 264,000sqm light-industrial real estate portfolio from HIG Capital.
HIG said it had sold 26 multi-let industrial assets in the Netherlands, which it had bought in three tranches between 2013 and 2014.
In 2013 and 2014, Bayside Capital, an affiliate of HIG, invested in Dutch light industrial assets for its joint venture with M7 Real Estate. M7 acted as both the investment and fund manager to the MBay Light Industrial joint venture.
Listed UK property company Hansteen said on Monday that it was selling a €1.28bn portfolio of Dutch and German assets to Blackstone and M7.
M7 will manage the portfolio and will acquire Hansteen’s German and Dutch asset management business, transferring 36 employees from Germany and the Netherlands.
IPE Real Estate understands that the Hansteen portfolio will be added to light industrial assets already owned and managed by Blackstone and M7.
Earlier this year, it was reported that Blackstone bought 26 French assets from a joint venture between M7 and Starwood Capital, as part of plans to build a specialist pan-European investment platform.