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Panattoni Europe Sells Polish Logistics Assets to Affiliates of LogiCor, a Logistics Company Established by Blackstone’s Real

  Panattoni Europe Sells Polish Logistics Assets to Affiliates of LogiCor, a
  Logistics Company Established by Blackstone’s Real Estate Funds

Business Wire

WARSAW, Poland -- February 4, 2013

Panattoni Europe has disposed of two portfolios of logistics assets located in
Poland, totaling 402,000 m² of space to affiliates of LogiCor, the
pan-European logistics platform established by real estate funds managed by
affiliates of The Blackstone Group L.P. (NYSE:BX).

The first transaction closed in October 2012 and consisted of four projects
located in Poland’s key logistics markets, totaling 218,000 m² of space. The
projects were previously held by a joint-venture between Panattoni and another
investor. Bank Pekao S.A. provided the debt financing for the acquisition as
sole lender.

The second transaction closed in December 2012, and consisted of a portfolio
of nine newly-built logistics assets throughout Poland, totaling 184,000 m².
The portfolio was co-developed with Pramerica Real Estate Investors, the
European arm of the U.S.-based Prudential Financial, Inc.'s real estate
investment management and advisory business. German bank Helaba (Landesbank
Hessen-Thüringen) provided the debt financing for the acquisition as sole
lender.

Robert Dobrzycki, Managing Partner for Central Europe at Panattoni Europe
comments: "We are extremely happy to see that, due to its fundamentals, the
Polish industrial real estate sector continues to perform well and attracts
property investments. Together with our partners we have delivered
strategically located, great quality, modern industrial properties that
generated interest from such a reputable investor as Blackstone. We are also
happy that Blackstone acknowledged the quality of our management platform and
decided to retain Panattoni as asset and property manager.”

Ben Penaliggon, Director of European Funds at Pramerica comments: "The sale of
these assets crystalizes a successful joint venture with Panattoni and further
confirms the ability of Pramerica to source and invest in select opportunities
across Europe that deliver attractive returns to investors, especially on a
risk adjusted basis.”

LogiCor, together with its affiliates, today owns 2.5 million square meters
(26 million square feet) in 91 high-quality properties in the UK, France and
Poland, serving the logistics and distribution needs of manufacturers,
retailers and third-party logistics solutions providers. Blackstone’s
comparable company in the United States, IndCor, currently manages properties
totaling 83 million square feet in 40 key logistics markets in 23 states.

Ken Caplan, head of Real Estate for Blackstone in Europe, said: “With the
addition of these two portfolios, we are further building on our strategy of
acquiring high-quality, well-located logistics properties in Europe, through
the LogiCor platform. These assets complement our other logistics properties
across Europe in terms of their tenant quality, efficient design, and
excellent locations. We look forward to continuing to growing and developing
this important asset class in our overall European real estate portfolio.”

Mo Barzegar, President and CEO of LogiCor Europe Ltd, remarked: “We are
pleased to have been able to expand the reach of LogiCor into Poland, where
the market for modern, efficient industrial properties continues to
strengthen. We look forward to working with our tenants to support their
growing needs for high-quality logistics and light industrial real estate.”

About Panattoni Europe

Panattoni Europe is part of the Panattoni Development Company, one of the
largest industrial developers in the world, with 40 offices in North America
and Europe. Panattoni Europe has been present in the CEE region since 2005. To
date, the developer has delivered more than 1.82 million sqm of modern
industrial space altogether in Poland and the Czech Republic. A dedicated
department responding to individual tenants’ needs - build-to-suit projects -
is located within the Panattoni Europe structure. Among key tenants are
companies such as arvato services Polska, Coty Cosmetics, DSV, H&M,
Intermarché, Leroy Merlin, ND Logistics, Still, Schenker and Tesco. Apart from
Poland, Panattoni Europe has offices in the United Kingdom, the Czech
Republic, France, Italy, Spain, Luxembourg and Germany. www.panattoni.pl

About Pramerica Real Estate Investors

Pramerica Real Estate Investors is a leader in the global real estate
investment management business, offering a broad range of investment vehicles
that invest in private and public market opportunities in the United States,
Europe, the Middle East, Asia, Australia and Latin America. Headquartered in
Madison, New Jersey, Pramerica has other offices in Atlanta, Chicago, New
York, San Francisco, Miami, London, Lisbon Luxembourg, Munich, Paris,
Istanbul, Abu Dhabi, Mexico City, Sao Paulo, Beijing, Hong Kong, Seoul,
Singapore and Tokyo. In addition, Pramerica has  representatives in Milan and
is establishing a presence in Sydney (pending regulatory approval). As of
September 30, 2012, Pramerica managed approximately $51.2 billion in gross
real estate assets ($34.6 billion net) on behalf of more than 490 clients
worldwide. For more information, visit http://www.pramericarei.com.

About Blackstone

Blackstone is one of the world’s leading investment and advisory firms. We
seek to create positive economic impact and long-term value for our investors,
the companies we invest in, the companies we advise and the broader global
economy. We do this through the commitment of our extraordinary people and
flexible capital. Our alternative asset management businesses include the
management of private equity funds, real estate funds, hedge fund solutions,
credit-oriented funds and closed-end mutual funds. Blackstone also provides
various financial advisory services, including financial and strategic
advisory, restructuring and reorganization advisory and fund placement
services. Further information is available at www.blackstone.com. Follow us on
Twitter @Blackstone.

About Pekao

Bank Pekao, member of UniCredit Group, is the biggest corporate bank in
Poland, with the largest scope of services for corporates. One of Europe's
banks with the highest capitalisation ratio. Bank Pekao is an active lender in
the commercial and residential real estate, which never stopped lending to
this sector, ready to finance development and acquisition projects which
create an added value for the Polish economy. The Bank was honored with the
Eurobuild Award for Financial Provider of the Year in Poland 2011 and 2012.

About Helaba

Helaba is a German Landesbank headquartered in Frankfurt and Erfurt and at
important financial centres worldwide. As a balance sheet lender the bank’s
business model remained unchanged and provided reliability for its customers
all throughout the financial crisis. Real Estate business, a highlighted
feature for the bank, is focused on commercial properties in Germany, Europe
and the US. Helaba started business in Central Europe in 2006 and focuses on
real estate financing of office, retail and logistic properties in Poland, the
Czech Republic and Slovakia for institutional investors.

Contact:

Media:
Blackstone
New York
Peter Rose, +1 212-583-5871
rose@blackstone.com
or
RLM Finsbury
London
Andrew Dowler, +44 (0)20 7251 3801
Andrew.dowler@rlmfinsbury.com
or
Panattoni Europe
Warsaw
Anita Pietrykowska, +48 22697114484
apietrykowska@panattoni.com
or
Landesbank Hessen-Thüringen
Northern and Central Europe
Martin Erbe, +49 69 9132 4063
Head of International Real Estate Finance
martin.erbe@helaba.de