Blackstone has confirmed the €12.3bn (£10.8bn) sale of Logicor to China Investment Corporation, as revealed by EG.
The deal is the largest in the history of European real estate and is expected to close “later this year”.
Anthony Myers, Blackstone’s head of real estate Europe said: “We built Logicor through over 50 acquisitions to be a premier pan-European logistics real estate company. It will now have an excellent new long term owner, and we have no doubt that it will go from strength to strength in a sector with hugely positive prospects.”
Mo Barzegar, Logicor’s chief executive, said: “We are excited about the company’s future prospects under the new long-term ownership of CIC, with whom we will continue to deliver and exceed our customers’ expectations.”
Eastdil Secured and Goldman Sachs were lead advisors to Blackstone with additional advice provided by PJT Partners, Morgan Stanley, BofA Merrill Lynch and Citigroup. Simpson Thacher & Bartlett acted as legal advisors to Blackstone. UBS acted as financial advisor to CIC. Clifford Chance acted as legal advisors to CIC.
>>> What next for Logicor, CIC, Blackstone and the logistics market? Read EG’s analysis here
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