The United States company predicts that it will complete the sale of Logicor this year by an exit from the stock market or in a direct sale. According to Tuesday’s Wall Street Journal, the transaction could be worth between 10,000 and 13,000 million euros; If Blackstone finally opts for an exit from the Stock Exchange it will be the biggest real estate OPV, to happen in London, in Europe in recent years. The Financial Times published an article this month stating that Blackstone contracted the Bank of America, Citigroup, Goldman Sachs and Morgan Stanley to take the deal to completion. The firm PJT Partners will act as consultants for the company.
"The first option considered was divestment by means of an exit from the Stock Market", indicated yesterday by market sources close to Blackstone consulted by Voz Pópuli. "Now there is much liquidity and there may appear someone interested in a direct purchase, but the initial option was an OPV", they added. "We will see more of this kind of transaction during the year in Europe ", they added.
Logicor Is the leader in Spain in the logistics platform sector, owner of more than a million square metres, principally in Madrid and in Barcelona, and also a presence in Valencia. About half of their assets in Spain are in the area known as the Corredor de Henares, a residential and industrial axis linking places between Madrid and Guadalajara. Among its properties are warehouses used as storage facilities for the distribution of clothing.
This year Logicor renewed with the carrier DHL the rental contract for a warehouse of 12,000 square metres which the company has in Ciempozuelos (Madrid). The companies signed an agreement last January to lease a further 4,000 square metres of an adjacent property to build the new DHL campus for the Sciences of Life and Health.
The most impactful transaction Logicor was considering in Spain is the purchase of the storage facilities of El Corte Inglés. Negotiations have been going on for several months and sources near the companies consulted yesterday by Voz Pópuli indicate that there is an "exclusivity agreement" for the sale to Logicor of logistics assets of the company , of which the president is Dimas Gimeno.