Blackstone has acquired a major stake in the Greater Bay Area’s largest logistics parks from R&F Properties for $1.1 billion. R&F Properties is a Chinese property developer based in China.
The Greater Bay Area consists of 11 cities including Shenzhen, Macau, and Hong Kong. It’s a rapidly growing market financially, technologically and as a transportation hub. Blackstone Real Estate Manager Director based in Hong Kong said, “This transaction represents a continuation of Blackstone’s strategy to acquire high quality logistics located in tier-one distribution hubs with ongoing tenant demand…” Since 2010, Blackstone has acquired more than 1 billion square feet of logistics globally.
Blackstone Real Estate’s opportunistic funds will acquire a 70% stake in the 1.2 million-square-metre logistics park located in Guangzhou, China.