The Czech Office for the Protection of Competition (ÚOHS) has approved the acquisition of ten logistics parks in the Czech Republic by US investment giant Blackstone. The properties, previously owned by TPG Real Estate, were purchased for EUR 470 million, equivalent to nearly CZK 12 billion. According to Bloomberg, this transaction ranks among the largest real estate deals in Europe last year. Blackstone is acquiring logistics properties totaling half a million square meters through its Luxembourg-based entity, United Crystal. The transaction includes the purchase of four Czech companies: CTRE Fund, CTRE Development, CTRE Říčany, and Contera Real Estate. According to ÚOHS, the acquisition will not hinder competition in the market. “The acquired companies, through their subsidiaries, are active in leasing and managing logistics warehouses and distribution centers in the Czech Republic and Slovakia. The proposed concentration will not result in a significant impediment to competition. The decision has already become final,” the authority confirmed. The logistics parks were developed in partnership with Contera, a Czech investment and development company. Contera commented on the deal on its website, stating: “Blackstone has agreed to acquire CT Real Estate, a portfolio of ten logistics parks, from TPG Real Estate, with whom Contera has successfully partnered on its industrial portfolio since 2019. Additionally, Blackstone has committed to buy a portion of the stake directly from Contera, securing a majority stake in Contera’s industrial portfolio upon closing of the transaction.” Despite Blackstone’s majority acquisition, Contera will maintain a minority stake in the portfolio while continuing as property manager and developer. Blackstone, headquartered in New York, is a leading alternative investment firm with diverse portfolios across real estate and various fund types. Established in 1985 by Peter Peterson and Stephen Schwarzman, the company has grown to employ nearly 5,000 people worldwide. In 2023, Blackstone reported revenues of $8 billion (approximately CZK 191 billion). This acquisition underscores Blackstone’s strategic focus on expanding its European logistics footprint while solidifying its position as a key player in the global real estate market. Source: CTK