BPPEH Acquires Swedish Logistics Portfolio
BPPEH has agreed to acquire a portfolio of eight logistics properties in Sweden for a gross purchase price of SEK 2.1 billion (approximately €200 million). The acquisition is consistent with BPPEH’s focus on acquiring high quality logistics assets in key European distribution corridors. Closing on seven of the properties occurred on 15 October 2020, with closing on the remaining property expected in early 2022.
The portfolio is comprised of recently-built Grade-A properties totalling 206,000 square meters, with approximately 75% of value in last mile locations. The portfolio is concentrated in Sweden’s major distribution hubs including Malmö, Gothenburg, and Stockholm and is currently fully leased on a 5-year average lease term (to break) to a diversified mix of third party logistics companies and international corporations.
Blackstone Property Partners Europe Holdings S.à r.l. (“BPPEH”) invests in high-quality, substantially stabilised real estate assets across Europe. Investments are concentrated in the logistics, residential and office sectors, with a focus on major European markets and key gateway cities. BPPEH is 100% owned by Blackstone Property Partners Europe.