Blackstone's Real Estate Partners Europe IV fund has acquired 557,000 m2 of logistics assets in the UK for its European logistics platform Logicor. The deal lifts Logicor's UK holdings to 1.9 million m2.
Blackstone's Real Estate Partners Europe IV fund has acquired 557,000 m2 of logistics assets in the UK for its European logistics platform Logicor. The deal lifts Logicor's UK holdings to 1.9 million m2.
The vendor was a joint venture between funds managed by Oaktree Capital Management and Anglesea Capital. The investment volume was not disclosed but is believed to have been in the region of €500 mln.
The portfolio of 16 warehouse properties are located in core logistics markets close to major urban centres across the UK, including Birmingham, Leeds and Oxford. The properties are leased to a diverse range of tenants such as Arcadia, B&Q, The Co-Operative, Debenhams and Unipart.
Mo Barzegar, CEO and president of Logicor, said: 'This transaction was a unique opportunity to acquire a substantial, high-quality portfolio in one of Europe’s largest and most important logistics markets. Logicor continues to expand and this latest acquisition by Blackstone comes after notable recent growth for our platform in Germany and Portugal, as well as acquisitions in France and Spain as part of the GE portfolio Blackstone agreed to acquire earlier this month. Our pan-European platform is clearly going from strength to strength.'
Logicor currently owns in excess of 7.4 million m2 in properties across key markets in 12 countries.
