A real estate group Immofinanz sold to an American investment company Blackstone its logistics portfolio for approx. 536 million euro. The deal covered 36 existing sites and 3 projects under construction. Blackstone will integrate them into Logicor, its European logistics platform.
Immofinanz sold thereby properties with approx. one million sqm of rentable space, 24 of which are located in Germany, 5 in Hungary, 3 in Romania, 2 in Poland, with the remaining two in Russia and Slovakia.
The development projects are located in Hamburg (DE), Bucharest and Ploiesti (RO).
The Vienna-based group focuses on the retail and office commercial asset classes. At the end of October 2015, the listed Immofinanz had in its portfolio 391 properties with a total value of 6.2 billion euro.
For Logicor, this was the fourth transaction within the last 2 years in Europe, whereas all transactions are based on a total property value of 2 billion euro.
To complete the sale, Immofinanz was assisted by an international team of law firms. In Poland, Immofinanz worked with the lawyers of BSJP law firm - dr. Katarzyna Domańska-Mołdawa
, attorney, Partner at BSJP and Head of the Banking & Finance practice group and Agnieszka Wolny
, legal counsel, who advises at BSJP on corporate issues and commercial real estate transactions.