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Immofinanz finalizes portfolio sale to Blackstone

Immofinanz successfully finalized the sale of its logistics portfolio to Blackstone, which is integrating all its assets into its European logistics platform Logicor, according to a press release issued yesterday.

Blackstone bought the portfolio, which was valued at €536 million, less €28 mln for the cost of realizing three projects valued at €305 mln, after the repayment of relevant loans. Some €245 mln was transferred immediately, while the remainder of the purchase price will be transferred in October.

Blackstone acquired all 36 of Immofinanzʼs logistics investments through the purchase: approximately 1 million sqm, in Germany (24), Hungary (5), Romania (3), Poland (2), Slovakia (1) and Russia (1).

“The sale of the logistics portfolio represents an important step to further simplify and optmimize our portfolio structure and strengthen the focus on our core experties in the retail and office segments,” Immofinaz CEO Oliver Schumy said.