Logicor is the major owner of logistics assets in Spain, and this portfolio, which covers more than 1 million square meters, is included in this transaction. The assets are located primarily in Madrid and Barcelona, after having acquired assets from Axa, CBRE GI, SEP Investment, Gran Europa and General Electric, amongst others, according to El Economista.
The company represents a total of 13m square meters of warehouse space spread over 17 countries. Spanish Real Estate says that this portfolio is in the right position to benefit from the structural change of the demand driven by the fast growth of e-commerce. Warehouses are seen as having huge value to e-commerce companies such as Amazon.
Antony Meyers, Director of Real Estate at Blackstone in Europe said: “We have constructed Logicor, through more than 50 acquisitions, to be a leading pan-European logistics company”. “Now, it will have an excellent new owner, with a long-term vision and we have no doubt that it will maintain its strength in a sector that has a very positive outlook”.