LONDON—Blackstone Group's European warehouse owner and operator, LogiCor plans to expand its portfolio to double its current size, according to a report by Bloomberg.
LogiCor has already begun and acquisition campaign, and it expects to continue buying through 2015 as it looks to generate profits from rising rents and values, Blackstone Chief Executive Officer Mo Barzegar said.
“Europe presents a really attractive opportunity because it is a highly fragmented market in terms of ownership of real estate,” he said. “There is an opportunity to create a pan- European provider of modern logistics facilities that has access to capital, can provide quality space to customers and, frankly, provides an alternative in the marketplace.”
In February LogiCor picked up 13 Polish properties from Panattoni Europe.
To date, the London-based company bought 1.5 billion euros ($2 billion) of warehouses and distribution centers in the U.K., Poland and France. The company owns 2.5 million square meters (26 million square feet) of logistics space.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
