COLOGNE, Germany—Blackstone Real Estate Partners Europe IV has acquired three industrial assets in Germany for its European logistics company, Logicor.
The warehouse properties are located in core logistics markets adjacent to the city centers of Cologne and Dusseldorf and are 100% leased to the logistics arm of a leading German department store.
This transaction is the fifth portfolio acquired in Germany over the past year and increases Logicor's overall Germany portfolio by more than 40%, taking it to 550,000 square meters.
“This acquisition substantially increases our exposure in a core European logistics market with solid long-term real estate operating and economic fundamentals,” said Mo Barzegar, chief executive and president of Logicor. Our investment strategy remains focused on acquiring high-quality, well-located product that represents value-added opportunities in the short to mid-term. This is a great start for us in 2015 and we look forward to building our pan-European portfolio further over the coming months.”
Logicor, Blackstone's European logistics platform, is one of the premier real estate companies in Europe focusing on the operation of modern logistics and distribution properties. Logicor currently owns in excess of 6 million square meters in properties across key markets in 12 countries.
Blackstone is a global leader in real estate investing. Blackstone's real estate business was founded in 1991 and has more than $80 billion in investor capital under management.
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