Chinese sovereign wealth fund China Investment Corporation (CIC) is poised to buy Blackstone’s European logistics business Logicor for more than €12 billion (US$13.4 billion). If completed, it will be the largest ever European real estate deal in terms of value.
CIC is out-competing rivals including Mapletree Investments, Temasek Holdings and Global Logistic Properties to win the bid to acquire the Blackstone business unit with 13.6 million square meters of warehouse assets, according to media reports citing insiders.
A deal is likely to be signed in the in the next few days, but could still fall apart due to the complexity of the transaction, according to the reports. Logicor is funded by numerous Blackstone funds across 17 jurisdictions, creating enormous tax and regulatory issues.
Blackstone established Logicor five years ago...
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