Just over a week after buying three logistics warehouses in Germany, US private equity group Blackstone has struck another deal in the country, bringing its overall portfolio there to one million square metres.
Just over a week after buying three logistics warehouses in Germany, US private equity group Blackstone has struck another deal in the country, bringing its overall portfolio there to one million square metres.
In the latest transaction, Blackstone Real Estate Partners Europe IV has acquired 10 warehouse properties on behalf of the group's logistics fund Logicor. The vendor was TREI Real Estate, the real estate management and development company of the Tengelmann Group.
A spokesman for Logicor declined to disclose financial details, but according to newswire Bloomberg, the 10 warehouse assets are valued at around €200 mln.
The properties provide around 400,000 m2 of space and are located in core logistics markets close to major urban centres, including Düsseldorf, Munich, Berlin and Frankfurt. The assets are leased to tenants such as Netto Marken-Discount, Kaiser's Tengelmann, Hellmann Worldwide Logistics and Schenker Deutschland.
The portfolio is the sixth to be acquired in Germany over the past year.
Mo Barzegar, CEO of Logicor, said: ‘This acquisition was a unique opportunity to acquire a substantial, high-quality portfolio in Europe's largest logistics market. We now have a significant footprint in Germany, with 28 assets across the country leased to a broad mix of retail, third party logistics and manufacturing customers.’
The deal follows Logicor’s acquisition in late January of three logistics warehouses totalling 160,000 m2 of space in Cologne and Düsseldorf.
NAI apollo and Hengeler Mueller advised the vendor. Blackstone and Logicor were represented by CBRE, Gleiss Lutz and Deloitte.