Hines Global REIT has agreed to sell 10 logistics properties located in Germany and Poland to affiliates of Blackstone.
The contract sales price for the German Logistics Properties and the Poland Logistics Portfolio is expected to be approximately €450 million ($526 million) in aggregate, exclusive of transaction costs and closing prorations.
The five German properties include the Fiege Mega Center located in Erfurt; the Simon Hegele Logistics property located in Forchheim; and the Harder Logistics Portfolio, which is comprised of three logistics facilities located in Duisburg, Karlsdorf and Nuremburg.
The Poland Logistics Portfolio is comprised of five logistics facilities located in Warsaw, Katowice and Wroclaw.
Hines Global expects the closing of the sale of the German Logistics Properties to occur in August 2018 and the closing of the sale of the Poland Logistics Portfolio to occur in September 2018, subject to a number of closing conditions.
