Blackstone Buys Big in the Netherlands

The portfolio comprises 26 multi-tenant light industrial properties totaling more than 2.8 million square feet.

London—An affiliate of H.I.G. Capital LLC has completed the sale of a portfolio of 26 multi-tenant light industrial properties in the Netherlands, totaling 264,000 square meters (2.84 million square feet), H.I.G. announced Tuesday.

Riccardo Dallolio
Riccardo Dallolio, managing director at H.I.G. Realty Partners

The buyers were real estate funds managed by Blackstone. Financial terms were not disclosed, and neither H.I.G. nor Blackstone could be reached for comment.

H.I.G. had purchased the portfolio, which consisted primarily of high-yielding, multi-tenant industrial assets, in three tranches in 2013 and 2014.

“This transaction is a great example of H.I.G.’s value-added approach and has resulted in another exit with an excellent outcome for H.I.G and its investors,” Riccardo Dallolio, managing director at H.I.G. Realty Partners in London, said in a prepared statement.

“H.I.G. purchased undermanaged assets, and through a series of targeted asset management initiatives and an aggregation strategy, we have built a high-quality portfolio with critical mass, which was successfully sold to a strategic buyer,” added Sanjoy Chattopadhyay, principal at H.I.G. Realty Partners in London.

The portfolio’s focus is on “urban logistics,” or what is often called “last-mile logistics,” though these properties are on average rather smaller than the typical big-box facilities used as part of the e-commerce distribution chain in the United States, Commercial Property Executive was told by an individual who is familiar with the portfolio, but did not wish to be quoted on the record.

The properties are fairly scattered, though about 20 percent are near Amsterdam, including the largest, at Park West, the source said. The second-largest is at Vossenbeemd, near Eindhoven.

Headquartered in Miami, H.I.G. is a global private equity and alternative asset investment firm with more than €20 billion ($21.6 billion) of equity capital under management. Its real estate funds invest in value-added properties that can benefit from improved asset management.