We’re following major developments in the markets throughout the day.
Blackstone Sells Warehouse Business to China Investment Corporation
Blackstone Group said on Friday that it had agreed to sell Logicor, a European logistics and warehouse business, to China Investment Corporation, the Chinese sovereign wealth fund, for 12.25 billion euros, or about $13.8 billion.
The deal is one of the largest European real estate transactions.
Logicor has more than 147 million square feet of warehouse space in 17 countries, with 70 percent concentrated in Britain, France, Germany and Southern Europe.
“We built Logicor through over 50 acquisitions to be a premier pan European logistics real estate company,” Anthony Myers, Blackstone’s head of real estate for Europe, said in a news release.
The transaction is expected to close later this year.
Shares of Blackstone were up less than one percent in midday trading in New York. — CHAD BRAY
Japan’s Nikkei Tops 20,000
The Japanese benchmark stock index, the Nikkei-225, topped the 20,000 mark on Friday for the first time since December 2015.