7/07/2014 – Expansion
Blackstone has just sealed a new real estate deal on the European market. The U.S. fund acquired 18 logistics platforms scattered around Germany, France, Austria, the United Kingdom and Spain, among other European countries. The transaction has been carried out through its subsidary LogiCor at the price of €275 million.
Until now, the assets belonged to Frankfurt-based SEB Asset Management. The portfolio includes four logistics hubs in Spain (two in the area of Guadalajara – in Alovera and Cabanillas del Campo – and the other two in Ciempozuelos.
The 18 properties formed parts of four portfolios. One of them was in hands of SEB ImmoInvest and consisted of three platforms in Germany and France for which Blackstone paid €37 million.
Three out of four Spanish hubs, together with a property in Hungary, were sold by SEB Global Property for €62 million. The fourth was transferred with nine other units by SEB ImmoPortfolio Target Return for €168 million.
The Ciempozuelos platforms compounded the industrial area developed by Coperfiel with view to locating principal logistics firms of the country in there.
In total, the European platforms offer a 434.300 square meter GLA, 85% occupancy rate and contracts signed for 3.8 years on average.
The new acquisition of Blackstone in Spain shall be added to the purchase of the 1.860 subsidized houses in Madrid for €128.5 million and of the three platforms in Madrid and Barcelona for €47 million. At the moment, the U.S. fund is finalizing the acquistion of four office buildings, two in Madrid and two in Barcelona, where Cagmenini and HP have their headquarters, among others.
According to Aguirre Newman, in 2013 investment in logisitics in the main Spanish markets (Madrid and Barcelona) reached €98.5 million, double than in 2012, and the figure is expected to hit higher.
Original article: Expansión (by Rocío Ruiz)
Translation: AURA REE