Blackstone JV targets logistics market

The Blackstone Group has partnered with Delin Capital Asset Management to acquire logistics assets in the United Kingdom and Western Europe.

The joint venture has bought its initial portfolio of seven assets in the United Kingdom and the Netherlands. The sales price is estimated to be €230 million ($244 million).

Investments will be made through Blackstone’s core-plus platform and Delin will act as the asset manager.

Blackstone has been very active in the European logistics market in the past few months. In March, Blackstone with its partner M7 Real Estate purchased Hansteen’s continental European properties for €1.3 billion ($1.4 billion).

Separately, Blackstone is planning to unload its European warehouse property arm Logicor, which it created in 2012 to operate industrial properties it owns across Europe.

Investment in European industrial and logistics markets in 2016 rose 5 percent compared with 2015, despite lower activity in the Unite