CIC buying Blackstone European logistics arm

Updated 2017-05-31 10:01:21 Global Times

China Investment Corp (CIC) is near a deal to buy Blackstone's European logistics business Logicor for more than 12 billion euros (.4 billion), which is said to be the largest such deal ever in Europe, according to media reports on Monday.

CIC appears to have beaten competitors for the 146.4 million square foot warehouse property and is scheduled to sign a deal with Blackstone in the next "two or three days," UK property news website The Estates Gazette reported on Monday.

Other bidders included Singapore's Global Logistics Properties (GLP) and a joint venture between Mapletree Investments and Temasek Holdings, according to the report.

CIC is reportedly in process of purchasing GLP's logistics platform and its .9 billion portfolio of warehouse operations across China, Japan and the Americas, online real estate information provider Mingtiandi reported on Tuesday.

CIC has become one of the largest Chinese buyers of overseas real estate assets in recent years, with investments in the US, Europe and Australia. The sovereign wealth fund bought London's Chiswick Park office complex from Blackstone for more than .28 billion in 2014, according to Mingtiandi.

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