China Investment Corporation and Blackstone have begun a search for a new chief executive for their €12.25bn (£10.9bn) logistics business Logicor.
Current chief executive Mo Barzegar will step down from the position during 2019 but will retain his recently taken-up role of chairman in order to spend more time with his family.
The move makes available one of the most coveted positions in European real estate, given the buoyancy and growth of the logistics market and the firepower of the company’s owners.
Barzegar joined Logicor in 2013, around the time Blackstone established the business, having previously been managing director for Europe at AMB Property Corporation.
Under his stewardship, Logicor grew to be the second-largest owner of logistics property in Europe. The business was sold to CIC last June for €12.25bn, in what is Europe’s largest real estate investment transaction.
Following the sale of Logicor, Blackstone was retained as investment manager by CIC and the private equity firm’s core-plus, open-ended fund Blackstone Property Partners Europe also bought back a 10% stake in the company.
Logicor owns 147m sq ft of warehouses across 17 countries with more than 70% concentrated in the UK, Germany, France and southern Europe.
Logicor’s senior management team is currently made up of Barzegar, chief financial officer Simon Clinton and general counsel Sheena Singla.
The company also has six managing directors, each responsible for a country or region including UK managing director Charlie Howard.
To send feedback, e-mail david.hatcher@egi.co.uk or tweet @hatcherdavid or @estatesgazette
