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France’s Gecina to Sell Logistics Assets to Blackstone

French real estate company Gecina said on Tuesday that it had agreed to sell a portfolio of 28 logistics assets to private equity firm Blackstone for $245.97 million, unloading almost all of its logistics portfolio.

REUTERS:

French real estate company Gecina said on Tuesday that it had agreed to sell a portfolio of 28 logistics assets to private equity firm Blackstone for almost 203 million euros ($245.97 million), unloading almost all of its logistics portfolio.

Gecina said the purchase price represented a 13.9 percent discount compared with the assets’ valuation at the end of 2011.

Gecina said the deal, which leaves it with two “non-significant” assets, represented a “decisive step” in realigning its portfolio.