BPPEH to Acquire Nordic Logistics Portfolio
BPPEH has signed a definitive agreement to acquire 12 logistics assets in Sweden, Denmark, and Finland for €289 million. The acquisition is consistent with BPPEH’s focus on acquiring high-quality logistics assets in key European distribution corridors. While this transaction marks BPPEH’s first acquisition in the Nordics, BPPEH will be able to leverage Blackstone Real Estate’s longstanding presence in the region, where it currently manages over 2.4 million square meters of logistics space.
The portfolio is comprised of high-quality warehouses totalling 218,000 square meters and is concentrated in the Nordic Trade Triangle (Stockholm, Oslo and Copenhagen), with two-thirds of portfolio value in last-mile properties. The portfolio is currently 100% leased on a 5-year lease term (to break) to a diversified tenant roster comprising global and domestic third-party logistics companies and government-owned companies. Closing is expected to occur in 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.