Featured Company News – China Investment Corp. Buys European Warehouse Firm Logicor from Blackstone Group

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LONDON, UK / ACCESSWIRE / June 6, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for The Blackstone Group L.P. (NYSE: BX). The Company announced on June 02, 2017, that the real estate funds managed by the PE firm have agreed to sell the European logistics Company, Logicor, to affiliates of China Investment Corporation (CIC). The transaction is valued at €12.25 billion, or approximately $13.8 billion. The deal is one of the biggest real estate deals in the European region and will establish CIC as a serious player in Europe. For immediate access to our complimentary reports, including today’s coverage, register for free now at:

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Commenting on the sale of Logicor, Anthony Myers, Head of Real Estate Europe for Blackstone said:

“We built Logicor through over 50 acquisitions to be a premier pan European logistics real estate Company. It will now have an excellent new long-term owner, and we have no doubt that it will go from strength to strength in a sector with hugely positive prospects.”

The deal is expected to be completed in the later part of FY17.

Goldman Sachs was lead advisors and Simpson Thacher & Bartlett provided legal advice to Blackstone on the transaction. UBS provided financial advice and Clifford Chance provided legal advice to CIC.

About Logicor

The Blackstone Real Estate platform encompasses investments across the globe including in North America, Europe, Asia, and Latin America. It has over $102 billion of assets under management. Its portfolio of real estate investments includes office, retail, hotel, industrial, and residential properties. Some of the key investments include Hilton Worldwide, Invitation Homes (single family homes), Logicor (pan-European logistics), SCPG (Chinese shopping malls), and prime office buildings in the world’s major cities.

The Blackstone Real Estate platform invested in Logicor in 2012 and slowly built it to its current state by making strategic investments and over 50 acquisitions. Headquartered in London, UK, Logicor is a leading owner and operator of modern logistics facilities in Europe. It has a portfolio of high-quality logistics and distribution warehouses covering 147 million square feet and which are spread across 17 countries. These assets are in key markets in Europe and UK with Germany, France and Southern Europe accounting for over 70% of the Company’s assets.

Logicor and Blackstone have been considering various options for the Company for quite some time, including sale of its business or an IPO.

About Blackstone Group

Founded in 1985, Blackstone is a leading global investment firm with offices across 20 locations worldwide and has workforce strength of 2,200 people. Its business verticals include private equity and real estate funds, hedge fund solutions, and credit funds. It has over $368 billion of assets under management as on March 31, 2017.

About CIC

China Investment Corporation is a sovereign wealth fund of the Government of China and was founded in September 2007 with a registered capital of $200 billion. CIC is based at Beijing, China and is a vehicle to diversify China’s foreign exchange holdings. At the end of FY15, the value of total assets owned by CIC exceeded $810 billion.

On May 19, 2017, CIC opened its New York Representative Office with the aim of refining and strengthening CIC’s investments in the US. The New York Representative Office would focus on conducting research on North American economy, financial market, and regulation policies, strengthening cooperation with business partners, collecting project information and providing support to CIC headquarters. It would also help improve ties with the local government agencies and regulatory bodies.

CIC had plans to make many more direct investments in the United States given the trade and investment potential in the world’s largest economy.

Incidentally, CIC and Blackstone have a long association since 2007, as CIC is one of the key shareholders of the PE firm and has bought many of Blackstone’s portfolio Companies in the past.

Last Close Stock Review

At the closing bell, on Monday, June 05, 2017, Blackstone Group’s stock declined 1.10%, ending the trading session at $33.32. A total volume of 5.96 million shares have exchanged hands, which was higher than the 3-month average volume of 5.15 million shares. The Company’s stock price rallied 12.87% in the last three months, 27.42% in the past six months, and 27.71% in the previous twelve months. Moreover, the stock surged 23.27% since the start of the year. The stock is trading at a PE ratio of 16.52 and has a dividend yield of 10.44%. The stock currently has a market cap of $39.64 billion.

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