Patrizia, a German real estate investment firm, has divested a French logistics portfolio to real estate funds managed by U.S. asset management company Blackstone in an off-market transaction.
The portfolio, consisting just over 362,721 square meters in ten properties, was assembled off-market as part of a strategy to aggregate high-quality units along the highly prized logistics corridor.
Additionally, the logistics portfolio, which will continue to be managed by Patrizia, is 100 percent leased to tenants including Kuehne and Nagel, Geodis, Rhenus, Honeywell and Amazon.
Patrizia, acting on behalf of TransEuropean Property Limited Partnership VI, sold the properties for a total consideration of 260 million euros ($285.3 million).