The China Investment Corporation (CIC) group and Blakstone, owners of the Logicor logistics platform, will close the sale of one of the most relevant portfolios of the year in Spain. A few months ago Logicor commissioned JLL and Knight Frank to sell this portfolio of around 300,000 sqm.
The assets purchased by EQT Exeter are leased by Logicor to C&A, Cortefiel, Primark and Leroy Merlin, who use these warehouses as distribution centers, largely for e-commerce. For example, Leroy Merlin has more than 120,000 sqm rented from Logicor in the town of Torija (Guadalajara), 70 kilometers from Madrid.
A large part of the portfolio that Logicor now sells was acquired in 2014 from Greater Europe, in an operation in which it added 319,000 sqm of warehouse space.
This operation confirms the high interest of investors in the logistics market, driven by the boom in electronic commerce, a trend accelerated by operators after the Covid-19 pandemic.
Logicor is one of the large logistics owners in Europe and Spain. In the national market, whose subsidiary is directed by Alejandro Rumayor, it has an area in warehouses of around 1,040 million sqm and at a pan-European level it rises to 13.34 million. Logicor was created in 2012 by the Blackstone fund as a brand for its warehouses in Europe. In 2017, the US firm sold the company to China Investment Corporation for more than $ 12 billion. However, a few months later, the Chinese firm asked Blackstone to re-manage that pan-European portfolio and also resold 10% of the company to it.