Deal worth 1 bln euro (Il Sole 24 Ore Radiocor) - New York, 02 Sep - Blackstone has agreed to buy 80% of a large warehouse portfolio in Europe from the Johannesburg-listed Burstone Group for 1.022 billion euros.

In a statement, Real Estate Investment Trust Burstone said it had signed a strategic partnership with Blackstone in Europe, marking "the acceleration of the Group's international fund and investment management strategy." Burstone will retain a 20% co-investment in the Pan-European Logistics (PEL) platform while continuing to manage the portfolio's assets.

The portfolio comprises 32 high quality midsize and big-box logistics properties located around key European urban centres in seven countries, with the majority in Germany, France and the Netherlands.

Burstone and Blackstone will expand the PEL portfolio by focusing on aggregating industrial and logistics properties across core European markets. Blackstone has built a large portfolio in UK and European warehousing and logistics through a series of operations.

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(RADIOCOR) 02-09-24 19:26:20 (0509) 5 NNNN