Logicor has appointed Philip Green as non-executive chairman, as a sale or listing of the €12bn European logistics company and portfolio is considered
The appointment of a chair would be important for any potential corporate and governance structure.
EG revealed in March that three bidders were in the shortlist for a direct acquisition of the portfolio owned by Blackstone, while a listing was also being considered.
China Investment Corporation, Global Logistic Properties and a jv between Mapletree Investments and Temasek Holdings were all in the running to buy the portfolio outright, provided they agree a price above €12bn. Eastdil Secured is advising Blackstone on the prospective direct sale.
Meanwhile, Blackstone’s bankers are preparing a prospective IPO – Goldman Sachs, Morgan Stanley, Citi and Bank of America Merrill Lynch – maintaining they can achieve a greater value for the business in the public markets, prospectively a figure closer to €13bn.
Green was chief executive of United Utilities Group from 2006 to 2011 and, prior to that held roles as chief executive of Royal P&O Nedlloyd, chief operating officer of Reuters Group and chief operating officer of DHL International GmbH.
He was chairman at Carillion and also served as chairman of US industrial services company, BakerCorp.
Mo Barzegar, chief executive of Logicor, said: “He brings with him a wealth of experience which will complement the management team and help us to build on the success we have achieved. Logicor will greatly benefit from Philip’s industry knowledge, expertise and strong focus on driving long-term growth.”
Logicor is one of Europe’s largest logistics real estate specialists, with a 146m sq ft portfolio spanning 17 countries. The pan-European strategy is underpinned by offices in 12 of the continent’s core markets, including the UK, France and Germany.
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