Immofinanz has completed the sale of its logistics portfolio to Blackstone. Blackstone will integrate all the assets into Logicor, its European logistics platform. The closing leads to net cash inflows (after the repayment of loans) of approx. €305m, according to a statement from Immofinanz.
The transaction is based on a total property value of around €536m, less outstanding construction costs of roughly €28m for the three development projects. This reflects the value of the properties as of July 31, 2015.
Blackstone acquired all 36 logistics standing investments with 1 million sqm of rentable space. The properties are located primarily in Germany (24) as well as in Hungary (5), Romania (3), Poland (2), Slovakia (1) and Russia (1). The transaction also included three development projects in Hamburg (DE), Bucharest and Ploiesti (RO) and land reserves.
