Blackstone prepares to list European warehouse firm Logicor: Reuters

Buyout fund Blackstone is hiring banks to prepare for an initial public offering (IPO) of its warehouse firm Logicor, several people with knowledge of the situation said.

Goldman Sachs (GS.N) and Eastdil Securities have already been chosen to help with the listing but the global coordinators have not yet been appointed, one of the sources involved in the process said.

Logicor could be valued at an estimated 13 billion euros ($13.70 billion), including debt, the source said.

Logicor was founded by Blackstone’s real estate division in 2012 to manage and operate its European logistics assets. Counting Amazon among its clients, it has become the largest owner of European modern logistics and distribution properties, 13.6 million square meters across Europe.

It has grown in part through a series of bolt on acquisitions, including assets in Britain and a Spanish logistics portfolio.

Warehousing has become a growth area in the real estate business, mainly due to a boom in online shopping which requires a network of locations to store goods to ensure fast delivery.

Finance industry sources said other major investment banks had already pitched for a role in the IPO process but were unsure when or where the float would take place.

Goldman Sachs and Blackstone declined to comment. Logicor and Eastdil were not immediately available for comment.

Blackstone’s real estate business was founded in 1991 and has $102 billion in investor capital under management.