US private equity firm Blackstone has acquired the 13-asset Teal industrial property portfolio in the Midlands and North-East of the UK for a total of EUR 252 mln.
US private equity firm Blackstone has acquired the 13-asset Teal industrial property portfolio in the Midlands and North-East of the UK for a total of EUR 252 mln.
Ten of the assets were sold by Amsterdam-listed distribution space specialist ProLogis European Properties (PEPR) for a sum of EUR 180 mln. The rest of the portfolio was sold by PEPR's parent company, New York-listed ProLogis. The total portfolio provides 346,000 m2 of fully leased industrial space.
This was Blackstone's second large investment in the UK industrial market in recent months. Late last year Blackstone acquired the Triangle portfolio from UK REIT London and Stamford for EUR 375 mln.
PEPR indicated it will use the proceeds of the sale to further deleverage the business. Peter Cassells, chief executive officer of PEPR, commented: 'We are pleased to have owned the bulk of these assets since our formative years. During that time, we have successfully created value through refurbishment and subsequent letting activity. This disposition is in line with our objectives to actively manage the portfolio to optimise value, through focusing on core assets and locations where we have critical mass.'
Click on the link below to read: PEPR to focus on further deleveraging in 2012
