IMMOFINANZ sells entire logistics portfolio to Blackstone
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IMMOFINANZ is selling its entire logistics portfolio to Blackstone under an agreement signed yesterday, including five properties it owns in Hungary, according to an announcement issued yesterday.
The purchase price has been determined by the property value of approximately €536 mln, less construction costs of approximately €28 mln for the three development projects.
The ownership of all 36 logistics standing investments with approximately one million sqms of rentable space – Germany (24), Hungary (5), Romania (3), Poland (2), Slovakia (1) and Russia (1) – will be transferred to Blackstone.
Blackstone is also purchasing three development projects with approximately 65,000 sqm currently under construction in Hamburg, Germany, and Bucharest and Ploiesti, Romania, which will be completed by IMMOFINANZ, as well as land reserves. Blackstone will integrate all the assets into Logicor, its European logistics platform.
“As announced nearly three months ago, the sale of the logistics portfolio represents an important step to further simplify and optimize our portfolio structure and strengthen the focus on our core expertise in the retail and office segments“, explained IMMOFINANZ CEO Oliver Schumy. “The liquid funds released by the transaction will be invested in the expansion of our German portfolio, which will grow to nearly 200,000 sqm of rentable space and up to approximately €40 mln of rental income per year by mid-2018 with the office development projects currently in progress.”
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