The transaction is understood to have been made using capital from Blackstone’s $1.8 billion Blackstone Property Partners International fund, which received cornerstone investment from the California State Teachers’ Retirement System in late 2015.
The portfolio, which was sold through Rockspring’s fifth core plus and value-add vehicle, TransEuropean, comprises seven assets and totals more than 3 million square feet of logistics space.
All seven properties are located within France’s key north-south logistics corridor, between Paris and Lyon, the largest being the 1.4 million square foot Paris-Oise Logistics Park, situated just outside of the French capital.
Blackstone confirmed the transaction but declined to comment on its finer details.
Paul Hampton, partner and fund director at Rockspring said: “While the logistics sector in France remains an important part of our European real estate strategy, and indeed we continue to asset manage a significant portfolio from our Paris office, this transaction was timely and provided a compelling opportunity to realize value.”
Rockspring closed TEP V in 2012 with over €350 million of commitments from 12 investors. Since then, its portfolio has delivered a 23 percent annual return. The TransEuropean series of funds was first launched in 1992 and Rockspring has invested around €1.7 billion in 14 European countries since its inception, achieving a 13.2 percent annual IRR along the way.
For its most recent vehicle, TEP VI, Rockspring had collected around €430 million by the time it held a final close in July, when it broke its previous record for a fundraise. Since then, it has acquired a shopping center in Magdeburg, Germany, for €117 million; two Madrid theatres for €58 million; and a Berlin office asset for an undisclosed price.