Global investor Blackstone has acquired a logistics portfolio spanning Germany and France.
Financial details were not disclosed. The vendor in the transaction was a joint venture between international investor Castlelake L.P and Melcombe.
The 'Proximity portfolio' comprises 28 last-mile, urban logistics assets in major cities across France and Germany. Sixteen of the 28 properties are located in Paris.
It totals 201,923 m2 with 48 different tenants and a strong focus on last mile. The majority of tenants are third-party logistics operators and e-commerce specialists.
CBRE advised the funds managed by the buyers in the deal.
James Seppala, head of Blackstone Real Estate Europe, said: 'France and Germany remain core markets for our European logistics strategy, which is one of our highest conviction investment themes and which continues to benefit from strong e-commerce related demand.'
Tom Kinsley, senior director, EMEA logistics investment at CBRE, said: 'It’s rare to find an aggregated urban logistics portfolio of such high quality, in respect to the assets, their locations and future growth potential.'
