Patrizia, acting on behalf of TransEuropean Property Limited Partnership VI (TEP VI) has completed the sale of a French logistics portfolio to real estate funds managed by Blackstone for a total consideration of €260m in an off-market transaction. Comprising just over 362,721m² in ten properties, the portfolio was assembled off-market as part of a strategy to aggregate high-quality units along the highly prized logistics corridor. The portfolio is 100% leased to tenants including Kuehne and Nagel, Geodis, Rhenus, Honeywell and Amazon. Patrizia wiil continue to manage the portfolio.
Paul Hampton, Head of International Funds at Patrizia commented: “Credit must go to our transaction and local asset management teams for their hard work in assembling and stabilising this portfolio over the past three years and then securing the Fund’s exit. To be retained to work with Blackstone on the management plans going forward is clearly especially pleasing.”
