Blackstone Group LP-managed real estate funds struck a €12.25 billion deal to sell their pan-European logistics company, Logicor, to China Investment Corp., or CIC, affiliates, confirming an earlier report.
Prior to the deal, the private equity giant had been rumored to be considering either an IPO or an outright sale of Logicor.
Logicor's logistics portfolio spans 147 million square feet across 17 countries, more than 70% of which are concentrated in the U.K., Germany, France and southern Europe.
Eastdil Secured and Goldman Sachs were Blackstone's lead advisers, with Simpson Thacher & Bartlett serving as its legal advisers for the transaction. PJT Partners, Morgan Stanley, BofA Merrill Lynch and Citigroup served as additional advisers.
UBS and Clifford Chance were CIC's financial and legal advisers, respectively.
The company expects to close the transaction later in 2017.