Blackstone’s income-focused European real estate vehicle has bought a €520m logistics portfolio from Macquarie Capital Principal Finance and Elite Partners Capital.
Macquarie Capital in partnership with Singaporean real estate fund Elite said they have sold Elite Logistics Fund I to Blackstone European Property Income Fund, a perpetual-life vehicle.
Elite established the European Logistics Fund I platform 24 months ago together with its capital partner, Macquarie Capital.
The Elite Logistics Fund I portfolio comprises 12 logistics and industrial assets across Europe acquired through nine independent transactions.
Enoch Tan, portfolio director of Elite Logistics Fund I, said: “Macquarie Capital Principal Finance has been an invaluable strategic and capital partner to us.
“We were able to leverage off their deep European network and strong balance sheet to acquire our desired assets within a short period of time, despite the challenges posed to us by the COVID-19 pandemic in Europe over the past two years.”
Alexi Antolovich, the global co-head real estate, Macquarie Capital Principal Finance said: “Over the past 24 months real estate has seen a myriad of challenges but it has also presented immense opportunities.
“We’re pleased to have been able to work alongside the Elite management team to navigate this landscape, investing in high-quality assets to bolster their portfolio - to deliver superior returns and become the success it has today. We look forward to continuing our relationship with Elite through Fund II”.