Blackstone’s Logicor Expands Holdings with 4.3 MSF Acquisition in Germany

Blackstone Real Estate Partners Europe IV has acquired 10 warehouse properties in Germany on behalf of its pan-European industrial arm Logicor.
Logicor Industrial Property

Germany—Blackstone Real Estate Partners Europe IV has acquired 10 warehouse properties in Germany on behalf of its pan-European industrial arm Logicor. The seller of the approximately 4.3 million-square-foot (400,000-square-meter) portfolio was TREI Real Estate, the asset manager and developer of food retailer Tengelmann.

The transaction, valued by industry insiders at approximately $228 million (€200 million), raises Logicor’s German portfolio to more than 10.7 million square feet (1 million square meters). It is in fact the company’s sixth major purchase in Germany over the past year.

The newly acquired assets are located in core logistics markets close to notable urban centers such as Düsseldorf, Munich, Berlin and Frankfurt. Netto Marken-Discount, Kaiser’s Tengelmann, Hellmann Worldwide Logistics and Schenker Deutschland are among the properties’ tenants.

“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.”

NAI apollo and Hengeler Mueller advised the TREI Real Estate, while Blackstone and Logicor were advised by CBRE, Gleiss Lutz and Deloitte.

In January, Logicor also purchased three warehouse properties totaling more than 1.7 million square feet (160,000 square meters) near Cologne and Düsseldorf. The company now owns more than $72 million square feet (6.7 million square meters) in logistics and distribution assets across 12 European countries.

Blackstone, which has recently disposed of a major investment in Sydney, currently has more than $80 billion in investor capital under management worldwide. Besides Logicor, The US private equity group’s other holdings include Hilton Worldwide, Invitation Homes (single-family homes), SCP (Chinese shopping malls), as well as prime office buildings in various cities across the globe.

Photo credits: www.logicor.eu