Blackstone JV buys $1.4b logistics assets
A joint venture between The Blackstone Group and M7 Real Estate has agreed to acquire Hansteen Holdings Plc’s continental European properties. The Onyx venture will pay about €1.3 billion ($1.4 billion) to Hansteen for the properties in Germany and the Netherlands.The transaction is expected to close before the end of June.
Interest in industrial assets is rising as an improving economy boosts demand for logistics assets.
The Onyx venture also plans to pay about €130 million ($140 million) for Mbay, a portfolio of Dutch industrial real estate currently owned by M7 and H.I.G. Capital, and is near a separate deal to acquire about €130 million ($140 million) of Danish industrial assets, according to Bloomberg.