Blackstone's Logicor bags 200,000 m2 CEE portfolio

Blackstone’s European logistics platform Logicor has snapped up a 200,000 m2 portfolio in Central and Eastern Europe from clients advised by Pramerica Real Estate Investors.

Financial details were not disclosed. However, press reports put the deal price at €150 mln. Dutch financial group ING provided debt finance.

The package includes six prime logistics assets totalling 200,000 m2 in Poland and the Czech Republic. The assets consist of Panattoni Parks located in Czeladz, Krakow, Gliwice, Park Blonie and Prague Airport, and Stolica Business Centre Lazy.

The properties are almost fully let, with key occupiers including Amazon, DSV, Saint-Gobain, UPS, and CEVA.

'Logicor is growing strongly and this acquisition will enable us to further increase our operating efficiency and widen our customer relationships,' commented Logicor CEO Mo Barzegar.

Cushman & Wakefield and Dentons represented Blackstone and Logicor. JLL was represented by Pramerica Real Estate Investors.

Since launch in late 2012, Logicor has built up a platform of over five million m2 of distribution space in 11 European countries.

Last week Logicor bought SEB Asset Management's entire logistics portfolio for €275 mln, save one asset in the UK which went to Tritax for €75 mln.

In May, Logicor acquired a 200,000 m2 portfolio in Poland from Standard Life Investments' Select Property Fund for just over €118 mln while earlier this year the company bought 17 logistics platforms, representing a total surface area of nearly 750,000 m2 in France and Germany, from French REIT Foncière des Régions. The price tag came to €473 mln.

In Poland, the company already invested €240 mln last year when it made a splash with the purchase of two portfolios totalling 402,000 m2 from joint venture partners Panattoni Europe and Pramerica Real Estate Investors.