New York-based private equity real estate giant Blackstone has acquired 26 light industrial real estate assets, located across the Netherlands, from HIG Capital, the Miami-based private equity firm.
The 2.7 million square foot portfolio of multi-let properties was acquired by HIG in three tranches in 2013 and 2014.
The sale price has yet to be disclosed or reported, but the deal is the second of its kind in a week for Blackstone, after it acquired a €1.28 billion light logistics portfolio, in Germany and Netherlands, from Hansteen, the London-listed real estate firm, in partnership with London property investor M7.
“This transaction is a great example of HIG’s value-added approach and has resulted in another exit with an excellent outcome for HIG and its investors,” Riccardo Dallolio, managing director at HIG.
“HIG purchased under managed assets, and through a series of targeted asset management initiatives and an aggregation strategy, we have built a high-quality portfolio with critical mass, which was successfully sold to a strategic buyer,” said Sanjoy Chattopadhyay, principal at HIG.
PERE reported last Monday that Blackstone used capital from its Blackstone Real Estate Partners (BREP) Europe V vehicle which, as of this month, had attracted $7.1 billion of equity from investors.
While earlier this year, it was also reported that Blackstone had acquired 26 French assets from a joint venture between M7 and Starwood Capital, as part of plans to build a specialist pan-European investment platform.