LONDON—Logicor, the Blackstone Group's industrial property arm in Europe, said Friday it had acquired 19 assets in France and Germany from Goodman European Logistics Fund. Deal terms were not disclosed; however, published reports have estimated the purchase price of the 5.16-million-square-foot GELF portfolio at between €300 million and €400 million, or US $410 million to US $564 million.

“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,” says Mo Barzegar, Logicor's London-based CEO and president. It comprises 10 assets in France, located mainly in Lille, Paris and Lyon, and nine in Germany.

Emmanuel Van der Stichele, fund manager at GELF, says that “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.” The fund is advised and managed by Sydney-based Goodman, which also manages logistics funds centered on China and Hong Kong as well as its native Australia.

With the GELF portfolio acquisition, Logicor's French platform now totals about 21.5 million square feet and is the second-largest logistics portfolio in the country. The logistics company's German portfolio now totals just under 13 million square feet. Tenants across the GELF portfolio include third-party logistics providers, along with various retailers.