Blackstone Group LP's US$2 billion European real estate fund is buying back a 10% stake in pan-European logistics company Logicor from China Investment Corp., London's Financial Times reported, citing people briefed on the matter.
In June, real estate funds managed by the private equity giant had agreed to sell Logicor to CIC for €12.25 billion, marking what Dealogic said was the second-largest European real estate transaction yet, the FT noted.
CIC has now enlisted Blackstone to manage Logicor's warehouse and logistics properties, according to the Dec. 12 report.
The Chinese sovereign wealth fund invited other investors to acquire stakes in Logicor, the report said, adding that insurers are among the interested parties.
Logicor's portfolio spans 13.6 million square meters of warehouse space across 17 countries.
