Blackstone’s Logicor is paying €536m for a European logistics portfolio sold by Austria’s Immofinanz.
The 1m sqm portfolio includes assets in Germany and Central and Eastern Europe and accounted for around 8% of Immofinanz’s overall portfolio.
The company has been looking to exit the logistics sector, as reported in August.
For Logicor, the deal – due to close early next year – is part of a move to increase its exposure to the logistics sector in Germany, according to chief executive Mo Barzegar.
The acquisition takes Logicor’s German portfolio to 1.8m sqm.
The country, he said, is seeing solid take-up despite a “depressed supply” of good-quality logistics assets.
“We will substantially increase our exposure to the strong German logistics market,” Barzegar said.
“We also grow our presence across several key logistics hubs in Central and Eastern Europe, which continue to strengthen.”
The portfolio includes 24 assets in Germany, with five in Hungary and three in Romania.
Assets in Poland, Slovakia and Russia make up the remainder of the portfolio.
Immofinanz said three development projects in Hamburg, Bucharest and Ploiesti, with around 65,000sqm under construction, will be completed.
Immofinanz chief executive Oliver Schumy said: “As announced nearly three months ago, the sale of the logistics portfolio represents an important step to further simplify and optimise our portfolio structure and strengthen the focus on our core expertise in the retail and office segments.”
Proceeds from the transaction will be invested in Germany as the company aims to grow to nearly 200,000 sqm of rentable space.