Blackstone will sell its European logistics company, Logicor, to affiliates of China Investment Corp. for €12.15 billion ($13.8 billion), according to a statement from Blackstone on Friday.
Logicor owns and operates a portfolio of logistics assets totaling 147 million square feet in 17 countries with over 70 percent concentrated in UK, Germany, France and Southern Europe. The portfolio is ideally positioned to benefit from the structural shift in demand driven by the growth in e-commerce.
“We built Logicor through over 50 acquisitions to be a premier pan European logistics real estate company. It will now have an excellent new long term owner, and we have no doubt that it will go from strength to strength in a sector with hugely positive prospects,” said Anthony Myers, Blackstone’s Head of Real Estate Europe said in a statement.
Closing is expected to happen later this year, the statement said. Eastdil Secured and Goldman Sachs were lead advisors to Blackstone with additional advice provided by PJT Partners, Morgan Stanely, BofA Merrill Lynch and Citigroup. Simpson Thacher & Bartlett acted as legal advisors to Blackstone. UBS acted as financial advisor to CIC. Clifford Chance acted as legal advisors to CIC
