Blackstone has acquired a logistics portfolio of 10 properties in central Europe from TPG Real Estate and Contera for €470m.
The 500,000sqm CT Real Estate portfolio, consisting of last-mile logistics assets, is predominantly based in the Czech Republic, accounting for 80% of total enterprise value, with additional properties in Slovakia making up the remaining 20%.
James Seppala, head of European real estate at Blackstone, said: “Logistics continues to benefit from robust occupier and investor demand growth, supported by e-commerce tailwinds. These high-quality assets are complementary to our existing pan-European portfolio, positioning us well to capture further growth.”
Michiel Celis, business unit partner at TPG Real Estate, said: “Through our experience investing in pan-European industrial over the last decade, we saw the opportunity to partner with Contera, a best-in-class manager, to build, grow and scale a premier network of logistics facilities in the Czech Republic and Slovakia.
“We are proud of the growth we have achieved since forming our venture. Together, we have quadrupled the size of the portfolio, which today spans approximately 500,000sqm across 10 high-quality parks.”
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