China Investment Corporation has completed its €12.3bn (£10.8bn) acquisition of Logicor from Blackstone in its largest deal in the history of European real estate.
First revealed by EG in May, the Chinese sovereign wealth fund now owns the 146.4m sq ft warehouse property portfolio, which comprises 630 assets.
CIC fought off competition from rivals Mapletree Investments with Temasek Holdings and Global Logistic Properties.
Logicor’s new owner is now in a prime position to take advantage of the relatively high yields that the sector generates, as well as structural changes in online retailing and distribution.
Eastdil Secured and Goldman Sachs were lead advisors to Blackstone, with additional advice provided by PJT Partners, Morgan Stanley, Bank of America Merrill Lynch and Citigroup.
Simpson Thacher & Bartlett acted as legal advisers to Blackstone. UBS acted as financial advisor to CIC. Clifford Chance acted as legal advisors to CIC.
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