Blackstone Purchases $660 Million of European Warehouses

Blackstone Group LP, the world’s biggest manager of alternative assets such as private equity and property, agreed to buy warehouses from French office landlord Fonciere des Regions for 473 million euros ($660 million).

The sale includes 17 logistics platforms in France and Germany with about 750,000 square meters (8 million square feet) of space and represents about 60 percent of Fonciere Des Regions’ logistics assets, the Metz, France-based company said today in a statement.

The properties will be integrated into Blackstone’s U.K.- based LogiCor unit, the French company said. A spokesman for Blackstone in London declined to comment.

Fonciere des Regions said the deal accelerates its plans to refocus on leasing offices to big companies as well as serving the hotel and restaurant industry and the German residential sector.

Jonathan Lurie, the managing director who oversees Blackstone’s European logistics portfolio, in October said the firm was in talks to buy its first logistics property in Germany as part of a plan to double the company’s warehouse holdings over the next two years.

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