The Blackstone Group has hired Mo Barzegar as president and chief executive officer of LogiCor, the firm’s European logistics property platform.
The former managing director of Europe at US firm AMB Property Corporation has joined to oversee a platform that includes 91 properties covering 26 million square feet in the UK, France, and Poland, said the company.
Ken Caplan, head of real estate for Blackstone in Europe, said in a statement today: “We are delighted to have someone of Mo’s talent and experience lead LogiCor. Logistics assets are an important part of our real estate portfolio, and under Mo’s leadership we expect that we will continue to grow and develop our European logistics platform.”
Barzegar joins a firm that has considerably ramped up its exposure to industrial and logistics assets not just in Europe but in the US as well where it has 83 million square feet in 23 states under management on behalf of its opportunistic suite of property funds.
While at logistics specialist AMB Property Corporation, Barzegar headed a team that acquired and developed 15 million square feet of assets worth more than $1.8 billion. He joined in 2001 as director of international acquisitions and in 2004 took over the running of the European platform. He left the company in June 2011around the same time that AMB merged with Denver-based ProLogis.
Coincidentally, ProLogis has been a significant seller of assets to Blackstone. In October 2011, it announced a $1 billion North American portfolio sale to the New York-based firm. Last year, it also sold the so-called Teal portfolio of 13 assets in the UK to Blackstone for a reported £214 million (€249 million; $336 million).