Blackstone is buying a CEE logistics portfolio from Immofinanz. The portfolio includes 36 properties, totaling 1 million sqm of commercial space in Germany, Poland, Romania, Hungary, Slovakia and Russia. The properties will be added to Blackstone’s Logicor platform. The price of the deal was not disclosed.
The portfolio includes three projects, totaling nearly 65,000 sqm of space, currently underway in Hamburg, Bucharest and Ploiesti, as well as land. The transaction still needs to be approved by antimonopoly regulators and is expected to close in the first quarter of 2016.
Oliver Schumy, the CEO of Immofinanz, said funds from the sale will be used to expand the company’s German portfolio, which is expected to grow to nearly 200,000 sqm, bringing annual rental income to about €40m by the second half of 2018.
