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Blackstone acquires German logistics assets

Steve Rogerson
February 5, 2015

New York-based Blackstone’s European arm has acquired ten assets in Germany for its European logistics company, Logicor, from TREI Real Estate, the real estate management and development company of the Tengelmann Group.
The 400,000 square metres of prime warehouse properties are in core logistics markets close to major urban centres, including Düsseldorf, Munich, Berlin and Frankfurt. The properties are leased to tenants such as Netto Marken-Discount, Kaiser’s Tengelmann, Hellmann Worldwide Logistics and Schenker Deutschland.
Estimated at around €200m, this transaction is the sixth portfolio acquired in Germany over the past year and increases Logicor’s overall Germany portfolio to one million square metres.
“This acquisition was a unique opportunity to acquire a substantial, high-quality portfolio in Europe’s largest logistics market,” said Mo Barzegar, CEO and president of Logicor. “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.”
This latest transaction follows Logicor’s acquisition of three logistics warehouses totalling 160,000 square metres of space in Cologne and Düsseldorf, announced last month.
NAI Apollo and Hengeler Mueller advised the vendor. Blackstone and Logicor were advised by CBRE, Gleiss Lutz and Deloitte.
Logicor is one of the leading real estate companies in Europe focusing on the operation of modern logistics and distribution properties. Logicor currently owns in excess of 6.7 million square metres in properties across key markets in 12 countries.