July 24 (Bloomberg) -- Blackstone Group LP, the private-equity firm that manages $48 billion in real estate assets, agreed to buy the logistics holdings of Gecina SA for about 203 million euros ($246 million).
Blackstone, based in New York, will pay 13.9 percent less than the appraised value of the 28 properties at the end of 2011, Gecina, Paris’s largest publicly traded office landlord, said in a statement today. The occupancy rate is 82.7 percent, it said.
Last year, Blackstone spent more than $11 billion on real estate purchases including the U.S. holdings of Centro Properties Group for $9.2 billion. The sale marks Gecina’s exit from the logistics business as it focuses on homes, student housing and health-care assets, according to the statement. The company will retain two “non-significant” logistics assets.
Gecina expects to raise more than 1.2 billion euros from asset sales this year, the company said in a separate statement. In the first half, it sold or agreed to sell 975 million euros of real estate, contributing to a 2 percent increase in recurring net income, according to the statement.
To contact the reporter on this story: Andrew Blackman in Berlin at email@example.com.
To contact the editor responsible for this story: Andrew Blackman at firstname.lastname@example.org.