16 November 2016 – Expansión
The US fund Blackstone has become one of the largest owners of logistics assets in Spain and Europe. The investment fund has acquired two warehouses in Torrejón de Ardoz (Madrid) from the US property developer IDI Gazeley. The acquired assets have a combined surface area of 70,140 m2,
As a result of this operation, Blackstone has become the owner of a 23,500 m2 logistics centre that Carrefour inaugurated last year, as well as of a large logistics platform that H&M operates in Torrejón, which supplies all of its stores in Spain and Portugal. H&M signed a 24-year rental agreement for the centre in 2012, of which 15 years are mandatory. The centre has a surface area of more than 36,000 m2.
According to sources in the market, this batch of assets is worth around €30 million. The transaction forms part of a broader operation, which includes six warehouses with a surface area of more than 200,000 m2 across Spain and Italy.
These acquisitions will serve to strengthen Blackstone’s portfolio in Spain, where it already owns a portfolio containing thousands of homes, several office buildings and more than one million square metres of logistics space, controlled through its subsidiary Logicor.
Blackstone’s strategy is at odds with the approach being adopted by IDI, which is controlled by the real estate giant Brookfield Property and which is one of the largest owners of logistics assets in the world. It arrived in Spain in 2014 and is now unwinding its positions after it failed to achieve the results it had hoped for.
Original story: Expansión (by Rocío Ruiz)
Translation: Carmel Drake