Blackstone Real Estate Partners Europe IV announced this week that it had purchased three warehouse properties in Cologne and Düsseldorf for its European logistics company, Logicor. Terms of the deal were not disclosed, but the move is inline with the company's expansion strategy; in April 2013, LogiCor Chief Executive Officer Mo Barzegar told Bloomberg that the company had plans to double its portfolio through 2015 as it seeks to profit from rising rents and values.
"Europe presents a really attractive opportunity because it is a highly fragmented market in terms of ownership of real estate," he said. "There is an opportunity to create a pan- European provider of modern logistics facilities that has access to capital, can provide quality space to customers and, frankly, provides an alternative in the marketplace."
The warehouse properties are located in core logistics markets adjacent to the city centers and are 100% leased to the logistics arm of an unnamed leading German department store. This transaction is the fifth portfolio acquired in Germany over the past year and increases Logicor's overall Germany portfolio by more than 40%, taking it to 550,000 square meters.
"This acquisition substantially increases our exposure in a core European logistics market with solid long-term real estate operating and economic fundamentals," said Mr. Barzegar in a press release this week. "Our investment strategy remains focused on acquiring high-quality, well-located product that represents value-added opportunities in the short to mid-term. This is a great start for us in 2015 and we look forward to building our pan-European portfolio further over the coming months."
For more news and information visit Blumberg Capital Partners.
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