Blackstone’s Logicor buys Spanish logistics portfolio

Blackstone’s European logistics platform Logicor has acquired a portfolio of six logistics assets in central Spain from developer Gran Europa.

Financial details were not disclosed.

The 319,000 m2 portfolio is located to the northeast of Madrid in the Henares corridor, Spain's main logistics hub. The properties are fully let, with occupiers including Leroy Merlin, Primark, Logiters and C&A.

The acquisition boosts Logicor’s portfolio in Spain to over 640,000 m2 and brings its European portfolio to 5.8 million m2. Logicor was advised on the deal by CBRE and Garrigues.

Logicor invested more than €1 bn in six European logistics deals in the first six months of 2014, double the amount it invested in the same period last year. CEO Mo Barzegar told PropertyEU in July that the company planned to acquire more assets in its existing markets of Spain, Italy, the Netherlands, Poland, Czech Republic, the UK, Germany and France.

The first deal in the second half saw Logicor acquiring six properties from Pramerica Real Estate Investors in the CEE region for around £120 mln (€150 mln).

Click on the link below to read the full interview with Mo Barzegar