{"id":1004130565,"date":"2015-11-02T07:26:18","date_gmt":"2015-11-02T15:26:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004130565"},"modified":"2022-03-03T07:51:37","modified_gmt":"2022-03-03T15:51:37","slug":"blackstone-snaps-up-immofinanzs-entire-logistics-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blackstone-snaps-up-immofinanzs-entire-logistics-portfolio\/","title":{"rendered":"Blackstone Snaps up Immofinanz\u2019s Entire Logistics Portfolio"},"content":{"rendered":"<div id=\"attachment_1004130580\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/LOG-IQ-Pharma-Park-Immofinanz-budapest-hungary.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004130580\" data-attachment-id=\"1004130580\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/blackstone-snaps-up-immofinanzs-entire-logistics-portfolio\/log-iq-pharma-park-immofinanz-budapest-hungary\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/LOG-IQ-Pharma-Park-Immofinanz-budapest-hungary.jpg\" data-orig-size=\"910,512\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"LOG IQ Pharma Park Immofinanz budapest hungary\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;LOG.IQ Pharma Park in Budapest, Hungary&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/LOG-IQ-Pharma-Park-Immofinanz-budapest-hungary.jpg?w=910\" class=\"size-medium wp-image-1004130580\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/LOG-IQ-Pharma-Park-Immofinanz-budapest-hungary.jpg\" alt=\"LOG IQ Pharma Park Immofinanz budapest hungary\" width=\"300\" height=\"169\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/LOG-IQ-Pharma-Park-Immofinanz-budapest-hungary.jpg 910w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/LOG-IQ-Pharma-Park-Immofinanz-budapest-hungary.jpg?resize=300,169 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/LOG-IQ-Pharma-Park-Immofinanz-budapest-hungary.jpg?resize=768,432 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004130580\" class=\"wp-caption-text\">LOG.IQ Pharma Park in Budapest, Hungary<\/p><\/div>\n<p><a href=\"https:\/\/www.immofinanz.com\/en\" rel=\"nofollow\">Immofinanz<\/a> is selling its entire logistics portfolio\u201436 properties in Germany and Eastern Europe. The Vienna, Austria-based commercial real estate company signed a contract with <a href=\"https:\/\/www.blackstone.com\/\" rel=\"nofollow\">Blackstone<\/a> for the sale of the portfolio with approximately 10.8 square feet of rentable space.<\/p>\n<p>Two thirds of the properties are located in Germany, but the portfolio also includes five assets in Hungary, three in Romania, two in Poland, one in Slovakia and one in Russia. Blackstone has also taken on the acquisition of land reserves as well as three development projects with around 700,000 square feet currently under construction in Hamburg, Germany; Bucharest, Romania and Ploiesti, Romania\u2014 all which will be completed by Immofinanz. The new owner will integrate all the assets into Logicor, its European logistics platform.<\/p>\n<p>The sale is subject to the normal suspensive conditions for this type of a transaction\u2014the consent of the antitrust authorities is required. The purchase price will be determined by the property value of about $592 million (EUR 536 million) and the construction costs of the three development projects, which is close to $31 million (EUR 28 million). This value roughly represents the total carrying amount as of July 31, 2015 and confirms the revaluation of the logistics properties during the 2014\/15 financial year. The final purchase price will be determined on the basis of financial statements prepared as of the date of closing, which is expected to take place during the first quarter of the 2016 calendar year.<\/p>\n<p><em>Photo credit: Immofinanz<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Austrian commercial real estate company Immofinanz is shedding its entire logistics portfolio, including three dozen properties in Germany and Eastern Europe. <\/p>\n","protected":false},"author":35,"featured_media":1004130580,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,16,21742],"tags":[],"class_list":["post-1004130565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-international","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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