Blackstone Real Estate has purchased a portfolio of 47 logistics properties in Sweden from an affiliate of Corem Property Group AB, a Swedish-based commercial real estate company focused on metropolitan areas and growth locations, for $520 million.
The portfolio consists of properties located in Gothenburg, Jönköping, Malmö, Stockholm and Västerås for a total of around 3.8 million square feet. The economic occupancy rate of the portfolio is 94 percent. Transfer of possession will be made in two stages, the first in mid-February 2023 regarding seven properties and the second in mid-April 2023 for the remaining 40 properties.
Walthon Advokater acted as legal advisor to Corem. CBRE, Citigroup Global Markets Ltd., Nordea and PwC served as advisors to Blackstone. Roschier and Simpson Thacher & Bartlett LLP served as legal counsel to Blackstone.