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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Blackstone Inc | NYSE:BX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.405 | -0.32% | 127.305 | 128.37 | 127.20 | 128.00 | 467,122 | 15:50:11 |
By Art Patnaude
Blackstone Group LP has bought 16 industrial warehouses in the U.K., the latest sign that the U.S. private-equity firm is using its deep pockets to push into all corners of the European real-estate market.
The firm, through its European logistics arm Logicor, paid nearly GBP400 million ($607.3 million) for the properties, according to a person familiar with the deal.
As industrial warehouses become more vital as retailers across Europe shift to online delivery-focused business models, real-estate investors have piled into the sector. Last year EUR24.9 billion ($26.8 billion) flowed into European industrial properties, up from EUR19.3 billion in 2013, but still below the pre-financial-crisis peak, according to data firm Real Capital Analytics.
Blackstone formed Logicor in 2012 to buy industrial assets in the region. Last year it scooped up more than EUR2 billion of logistics properties.
"Logicor continues to expand," said Mo Barzegar, chief executive officer and president of Logicor.
The U.K. warehouse deal "by Blackstone comes after notable recent growth for our platform in Germany and Portugal, as well as acquisitions in France and Spain as part of the GE portfolio Blackstone agreed to acquire earlier this month," Mr. Barzegar added.
Earlier this month Blackstone announced that, along with partner Wells Fargo & Co., it was buying General Electric's $23 billion portfolio of real-estate assets. In March, Blackstone said that in less than four months it raised a record $14.5 billion to buy real estate around the world.
This deal is Logicor's first U.K. deal since November. It bought the 6 million square feet properties from U.K. private-equity firm Oaktree Capital Management LP and real-estate investor Anglesea Capital.
The properties in the portfolio are in markets close to urban centers such as Birmingham, Leeds and Oxford. Tenants include B&Q, The Co-Operative, and Debenhams.
Logicor now owns 21 million square feet of logistics assets in the U.K.
Write to Art Patnaude at art.patnaude@wsj.com
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