Logicor buys portfolio of 19 logistics sites from Goodman

Blackstone’s European logistics platform Logicor has acquired the 19-asset Shine portfolio in France and Germany from Goodman European Logistics Fund.

The portfolio comprises 10 sites in France, predominantly in Lille, Paris and Lyon, with a total area of 300,000 m2 and nine German logistics properties covering 179,000 m2.

The financial details were not disclosed but PropertyWeek put the price at €300 mln.

The acquisition takes Logicor’s total distribution space in France to 2 million m2 and its German portfolio to 1.2 million m2.

Logicor CEO Mo Barzegar said: ‘This high-quality portfolio is an excellent fit for our European logistics platform as it deepens our market penetration and key customer relationships across strategic logistics hubs within France and Germany.’

Goodman fund manager Emmanuel Van der Stichele added: ‘With this sale we are delivering on our strategy of selectively rotating assets within the GELF portfolio and recycling the capital to new prime properties from the strong Goodman development pipeline as well as to selected market acquisitions.’