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Erste Group Provides Blackstone with a 5-Year EUR 91 Million Facility

Published: February 22, 2016; 18:30 · (FriedlNews)

Erste Group provides Blackstone with a 5-year EUR 91 million facility to acquire 12 logistics assets. The 265000 sqm portfolio covers 12 standing logistics investments located in Hungary (5), Romania (4), Poland (2) and Slovakia (1), as well as land reserves.

CEO & President at Logicor: “Our latest logistics acquisition takes our CEE real estate portfolio to over 1 million sqm." / Picture: © Logicor Europe Limited

Two of these assets - Bucharest and Ploiesti (RO) - are currently under construction and will be completed by Immofinanz.

Blackstone will integrate the assets into Logicor, its European logistics platform.

Richard Wilkinson, Head of Commercial Real Estate at Erste Group Bank AG said: "The real estate investment market in CEE grew by 19% in 2015. Transaction volumes have particularly increased in our core markets Hungary, Romania and Slovakia and we expect this trend to continue throughout the year. As one of the leading real estate financiers in Central and Eastern Europe, we are pleased to support Blackstone in this significant transaction."

Mo Barzegar, CEO & President at Logicor said: “Our latest logistics acquisition takes our CEE real estate portfolio to over 1 million sqm. This helps us to provide a broader real estate offering for our customers and positions us to benefit from continued economic growth across the region.”