IMMOFINANZ has signed a contract with Blackstone for the sale of its entire logistics portfolio. The portfolio consists of 36 logistics investments with approx. 1 million m² of rentable space, located mostly in Germany (24 properties) as well as in Hungary (5), Romania (3), Poland (2), Slovakia (1) and Russia (1). Blackstone will also purchase three development projects currently under construction in Hamburg, Bucharest and Ploiesti, which will be completed by IMMOFINANZ. The assets will be integrated into Blackstone’s European logistics platform Logicor.
The purchase price of the three development projects will be determined by the property value of €536 mln, less construction costs of approx. €28 mln for the three projects. This value roughly represents the total carrying amount as of 31 July 2015 and confirms the revaluation of the logistics properties during the 2014/2015 financial year. The final purchase price will be determined on the basis of financial statements prepared as of the closing date.
The sale is subject to the normal suspensive conditions for this type of transaction and is expected to close during the first quarter of the 2016 calendar year.
“As announced nearly three months ago, the sale of the logistics portfolio represents an important step to further simplify and optimise our portfolio structure and strengthen the focus on our core expertise in the retail and office segments“, explained IMMOFINANZ CEO Oliver Schumy. “The liquid funds released by the transaction will be invested in the expansion of our German portfolio, which will grow to nearly 200,000 m² of rentable space and up to approx. €40 mln of rental income per year by mid-2018 with the office development projects currently in progress.“
Logicor has a substantial presence in Germany, with the acquisition from the Goodman European Logistics Fund (GELF) in June 2015 combined with this acquisition bringing their total warehouse space in Germany to 1.8 million m².
Source: IMMOFINANZ
