CIC to buy Blackstone’s €12b Logicor
China Investment Corp. has plans to buy Blackstone’s European logistics business, Logicor, for more than €12 billion ($13.5 billion), according to media outlets. An official announcement has not been released.
Reports are stating CIC is the frontrunner, beating out Logicor, Mapletree Investments, Temasek Holdings and Global Logistic Properties.
The Financial Times reports the firms are in late-stage negotiations.
If completed, it would rank as the second-largest European real estate transaction on record and the fourth-largest international Chinese takeover to date, according to The Financial Times.
Other billion-dollar logistics deals during the past few years include:
- Gramercy Property Europe sold 100 percent of its assets to a consortium of clients managed by AXA Investment Managers – Real Assets. The total gross valuation is approximately €1.0 billion ($1.1 billion).
- NREP, a Pan-Nordic real estate fund manager, created a €1.1 billion ($1.2 billion) Nordic logistics platform.
- A joint venture between The Blackstone Group and M7 Real Estate 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.
- Singapore’s Global Logistic Properties acquired P3 Logistic Parks from TPG Real Estate and its partner Ivanhoé Cambridge for €2.4 billion ($2.7 billion).
- Singapore’s Global Logistic Properties agreed to buy 200 U.S. warehouse properties from Industrial Income Trust for $4.55 billion in one of the largest real estate deals of 2015.
- Singapore's GIC agreed to buy Chicago-based IndCor Properties from The Blackstone Group for $8.1 billion in 2014.
