BPPEH to Acquire French Logistics Portfolio
BPPEH has signed definitive agreements to acquire 21 logistics assets in France for €606 million. The acquisitions are consistent with BPPEH’s focus on acquiring high-quality logistics assets in key European distribution corridors.
The portfolio is comprised of Grade-A warehouses totalling 831,000 square meters and is concentrated in France’s major distribution markets, including Paris, Lyon, Lille, and Marseille. The portfolio is currently 91% leased on a 3.4-year lease term (to break) to a diversified tenant roster comprising international corporations and third party logistics companies. Closings are expected between September and October 2019.
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.