Frankfurt – Leading global law firm Mayer Brown advised SEB Asset Management on the signing of an agreement for the sale of a logistics portfolio to Logicor. Logicor is Blackstone's European logistics platform. The portfolio comprises 18 logistics properties in eight countries, with approximately 434,300 sqm of rental space. Transfer of ownership (closing) is expected to be completed in the second half of 2014.
The portfolio comprises properties in key European regions in Germany, France, the Netherlands, Norway, Austria, Spain, Hungary and the United Kingdom with an average occupancy rate of approximately 85 per cent. The remaining lease term is 3.8 years.
SEB Asset Management used a structured bidding process to sell the properties. The positive macroeconomic outlook and the growing importance of the logistics sector among international investors mean that conditions for marketing logistics properties are good. The transaction is valued at EUR 275 million in total.
The Mayer Brown team working on the transaction was led by Dr Hans Hofmann (Real Estate, Frankfurt) and encompassed partner Frank David Endebrock (Real Estate, Frankfurt), counsel Andreas Hilfrich, of counsel Elmar Günther as well as associates Annika Bautz and Gelena Yufa (all Real Estate, Frankfurt).