Blackstone buys 402,000m2 of Polish logistics

Blackstone's newly created logistics company LogiCor has acquired two portfolios totalling 402,000 m2, in Poland from developer Panattoni Europe.

The two portfolios were sold separately and the financial details of the transactions were not disclosed.

The first transaction closed in October 2012 and consisted of four projects, totalling 218,000 m2 of space. The projects were previously held by a joint venture between Panattoni and another investor. Bank Pekao provided the debt financing for the acquisition as sole lender.

The second transaction closed in December 2012, and consisted of a portfolio of nine newly built logistics assets throughout Poland, totalling 184,000 m2. The portfolio was co-developed with Pramerica Real Estate Investors, the European arm of the real estate investment management and advisory business of US-based Prudential Financial. German bank Helaba (Landesbank Hessen-Thüringen) provided the debt financing for the acquisition as sole lender.

LogiCor, together with its affiliates, owns 2.5 million m2 in 91 high-quality properties in the UK, France and Poland, providing logistics and distribution space to manufacturers, retailers and third-party logistics solutions providers.

IndCor, Blackstone's comparable company in the US, manages properties totalling 7.7 million m2 in 40 key logistics markets in 23 states.