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Blackstone gets discount deal with $246m Gecina logistics portfolio buy

25 Jul 2012

The Blackstone Group has picked up a portfolio of 28 real estate logistics assets from French company Gecina, it is understood.

The $246m deal sees Gecina unload almost the entire portfolio at a 13.9 per cent discount to the assets’ 2011 valuation, according to Reuters.

It said Gecina described the deal as a “decisive step” in realigning its portfolio, which now features just two “non-significant” assets in the class.

The company launched a diversification policy in 2005, with a particular focus on logistics real estate, but changed strategy two years ago by refocusing on the office, residential and healthcare sectors.

Earlier this month Blackstone sold a portfolio of four hotels to real estate investment trust DiamondRock Hospitality for approximately $495m.

The hotels – the Hilton Boston Downtown, the Westin Washington D.C. City Center, the Hilton Burlington, and the Westin San Diego – were originally acquired by the firm via its dedicated Blackstone Real Estate Partners VI vehicle.

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