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Blackstone Closes the Greatest Logistical Operation of 2013

The U.S. fund Blackstone has just finalized a purchase of three logistics platforms situated in Madrid and Barcelona for 47 million Euros.

The three platforms belonged to another fund, Axa Real Estate. One of them is Prat de Llobregat (Barcelona), with surface of 17.000 square meters and the two other in Corredor del Henares (Madrid). The biggest one has got  57.000 square meters of space. In total, they cover 106.000 square meters.

(…) The fund has acquired the platforms through Logicor, a real estate logistics company set up a year ago and possessing assets in Italy and France, among others.

(…) The largest operation conducted in 2013 by Blackstone is supposed to be also an incentive for the real estate market which has been suffering paralise for the last years.

Total investment in the real estate logistics assets in 2012 hardly reached 100 million Euros and this year it is expected to exercise 250 millions.

The price of the logistical land in the prime area of Madrid stretches between 100 – 150 €/m2, while the highest rents of the logistical surfaces between 5 and 6,25 Euros per square meter per month.

CBRE advised Blackstone, Aguirre Newman did the same for Axa Real Estate.

This is not the first Blackstone´s purchase in Spain. The fund bought 1.860 protected houses for rent from the City Council of Madrid for 125 million Euros in July.

Source: Expansión