December 12, 2017 / 6:46 AM / 2 years ago

Blackstone buys back 10 percent in warehouse firm Logicor - source

FILE PHOTO - The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid/File Photo

(Reuters) - A Blackstone real estate fund is buying a 10 percent stake in Logicor Ltd IPO-LOG.L just months after selling the European warehouse firm to a Chinese sovereign wealth fund, a source familiar with the matter said on Tuesday.

Blackstone Group LP (BX.N) sold Logicor to China Investment Corp [CIC.UL] in June for 12.25 billion euros ($14.4 billion).

China Investment Corp has also hired the U.S. private equity firm to manage Logicor’s warehouses and logistic properties portfolio, the Financial Times reported, citing people briefed on the matter.

Blackstone’s recently raised $2 billion European fund is one of several investors that the Chinese fund has invited to buy stakes in Logicor, with several insurers also looking at the company, the Financial Times said.

Logicor was founded by Blackstone’s real estate division in 2012 to manage and operate its European logistics assets.

A Blackstone spokeswoman declined to comment, while China Investment Corp and Logicor did not immediately respond to requests for comment.

Reporting by Shubham Kalia and Parikshit Mishra in Bengaluru; Editing by Sunil Nair and Sai Sachin Ravikumar

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