Blackstone Real Estate Partners Europe IV acquires 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 prime warehouse properties are located in core logistics markets close to major urban centers, 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.
This transaction is the sixth portfolio acquired in Germany over the past year and increases Logicor’s overall Germany portfolio to 1 million m².
Mo Barzegar, CEO and President of Logicor, said: “This acquisition was a unique opportunity to acquire a substantial, high-quality portfolio in Europe’s largest logistics market. 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 totaling 160,000 m² of space in Cologne and Düsseldorf, announced in January 2015.
NAI apollo and Hengeler Mueller advised the vendor. Blackstone and Logicor were advised by CBRE, Gleiss Lutz and Deloitte.