Adrian N Ionescu
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de Adrian N Ionescu | 25.9.2017 .
The European Commission has approved the EUR 12 billion deal by which China Investment Corporation, China’s sovereign wealth fund, has taken over the assets of British Logicor, including properties in Romania.
It is about four logistics parks in Ploiesti, Timisoara, Mogosoaia and Pantelimon and over 100 hectares of land for building new warehouses, according to Digi24.
“The Commission has approved, under the EC Merger Regulation, the indirect acquisition of total control over the British Logicor companies and assets by China Investment Corporation (CIC). Logicor owns and operates logistic warehouses in the EU. CIC is a sovereign investment fund established as a vehicle to diversify China’s foreign currency holdings to obtain maximum returns for the Chinese state with an acceptable risk tolerance,” said a European Commission announcement, quoted by Economica.net.
The Commission considers that the acquisition does not raise competition law issues, nor does it fall under the Merger and Acquisitions Regulation.
In May, world largest alternative investment fund, Blackstone, announced the sale of Logicor to China’s sovereign wealth fund, transaction estimated at EUR12.25 billion.
Logicor owns and operates a portfolio of logistics spaces with a total of 13.7 million square meters in 17 countries, with over 70% of properties concentrated in the UK, Germany, France and Southeast Europe.