Blackstone Real Estate’s opportunistic funds have completed the previously announced acquisition of a majority stake in China’s Greater Bay Area’s largest urban logistics park for $1.1 billion from R&F Group.
Blackstone will have a 70 percent stake, while R&F Properties Co., a subsidiary of R&F Group, will retain a 30 percent stake. The transaction significantly expands Blackstone’s China logistics portfolio by approximately one-third to 53 million square feet across 23 Chinese cities.
Cliff Chen, a Blackstone Real Estate managing director based in Shanghai, said, “We are thrilled to continue our strategy of acquiring high-quality logistics assets in China’s key distribution hubs and cater to ongoing tenant demand, driven by ecommerce tailwinds and emerging opportunities in the Greater Bay Area. This area, which connects 11 major cities including Shenzhen, Macau and Hong Kong, is one of China’s biggest logistics markets and a rapidly developin
