Logicor, Blackstone's European logistics platform, has acquired 606,000 m2 of logistics space across 19 assets in Italy and Belgium.
Logicor, Blackstone's European logistics platform, has acquired 606,000 m2 of logistics space across 19 assets in Italy and Belgium.
The assets were acquired in three transactions, and the investment volumes were not disclosed.
As a result of these acquisitions Logicor’s Italian logistics property portfolio increases to 924,000 m2, whereas it’s Benelux portfolio increases to 500,000 m2. Logicor currently owns in excess of 9.1 million m2 of space in properties across markets in 13 European countries.
Mo Barzegar, CEO & president, Logicor said that Logicor was gaining new access to the Rome logistics property market through the transactions in Italy, and was adding significantly to its position in the Benelux region. 'All three transactions deepen our customer relationships and are consistent with our strategy of investing in key locations across the European supply chain, Bazegar added.
Italy
Two of the transactions were in Italy. In one, Logico acquired four assets, totalling 175,000 m2, near Milan from a local developer. Key tenants include European logistics providers Geodis and Kuehne + Nagel.
In the second Italian transaction, Logicor purchased a six-asset portfolio, totalling 275,000 m2, from Schroders. Four of the properties are located along the main corridor serving Milan and two assets adjacent to Rome’s international airport. Occupiers include global logistics providers Ceva, XPO Logistics and Kuehne + Nagel, along with French multinational Saint-Gobain.
Belgium
Logicor acquired nine assets, totalling 156,000 m2, from AXA REIM in Belgium. Two assets located opposite Brussels’ airport, one asset is located in the core logistics market of Willebroek, and the remaining assets are in Meer, a logistics cluster at the Belgium/Netherlands border. Key occupiers include aerospace component manufacturer ASCO Industries and pet nutrition company Hill’s.
Cushman & Wakefield advised Blackstone and Logicor on all three transactions.