Blackstone has acquired the logistics portfolio of Spain's Grupo Lar, in a deal which values the REIT's five warehouses and a development site at €119.7 mln.
The 162,000 m2 built portfolio is 100% let, and includes four assets in Alovera (Guadalajara), plus a shed in the Parque Industrial Juan Carlos I de Almussafes (Valencia). The 182,000 m2 development site is also located in Valencia, in the district of Cheste.
Lar purchased the assets for €65.6 mln, implying a 83% increase in value.
The deal forms part of Lar's planned disposal of non-core assets initiated last year with a view to concentrating on its retail portfolio. It has already divested two offices in Madrid to Spain's Inmobiliaria Colonial for €111.7 mln, with other sales bringing total disposals over the last nine months to €265 mln.
This figure represents more than half of the end-2021 target of €470 mln in sales.
Lar's business plan also includes the acquisition of further retail assets to the tune of €247 mln, as well as spending €49 mln on refurbishing the properties in its portfolio. Recent purchases have included the Rivas Futura retail park for €62 mln and the Abadia shopping gallery for €14 mln.