US private equity group Blackstone has acquired a 480,000 m[sup]2[/sup] portfolio of French industrial real estate. The vendor was the European arm of global industrial property specialist Prologis.
US private equity group Blackstone has acquired a 480,000 m² portfolio of French industrial real estate. The vendor was the European arm of global industrial property specialist Prologis.
Blackstone is paying EUR 215 mln for the 16 assets located in various logistics markets around France. The properties have an average unexpired lease length of about three years.
Francois Rispe, managing director of Southern Europe, Prologis, said: 'Despite the very high standard of the properties, they no longer align with the Prologis investment strategy, so we took the decision to sell and redeploy our capital.'
Prologis was advised by CBRE, Clifford Chance, Deloitte, and Attal and Associates.
Blackstone was advised by Jones Lang LaSalle, Salans, Grant Thornton, LBMB and Jones Day.
This is the second large industrial acquisition by Blackstone in France this year. In July the US firm paid just over EUR 200 mln to buy 28 industrial assets from French listed property company Gecina.
