On November 20th, in response to the news in the market that "Ping An Haikong plans to acquire 11 Chinese logistics park projects under Blackstone", Ping An Insurance Overseas (Holdings) Co., Ltd., a subsidiary of Ping An Insurance in China, responded by stating that the news is a market rumor and is not known or commented on.
A spokesperson for Blackstone Group responded to Pengpai News that there are currently no negotiations with either party regarding the sale of 11 logistics assets.
On November 19th, according to Opinion Network, Blackstone Group is selling 11 logistics parks in China, acquired by China Ping An Insurance Overseas (Holdings) Co., Ltd., a subsidiary of China Ping An. A source who declined to be named to inquire about the transaction stated that both parties have signed a letter of intent to cooperate, and Ping An has completed due diligence before signing the contract. This acquisition transaction will be divided into two batches for delivery, with the first batch mainly being South China and East China; The second batch is from other cities.
Previously, on November 16th, Pengpai News learned from sources that Blackstone Inc. (NYSE: BX), the world's largest alternative asset management company, is selling its logistics asset package located in China, with a total price of over 10 billion yuan (RMB, the same below). It is understood that the asset package has been offered to potential buyers.
According to information obtained by Pengpai News, the Chinese logistics asset package that Blackstone Group plans to sell this time includes 11 logistics park projects located in 11 cities, including Longdi Nanjing Binjiang Cold Chain Logistics Park, Longdi Changshu Economic Development Logistics Park, Taicang Longdi Hetai Logistics Park, Lechuang Deqing Logistics Park, Longdi Guangzhou Airport Logistics Park, Longdi Foshan Nanhai Logistics Park, Wuhan Lesheng Logistics Park, Longdi Changsha Airport Logistics Park, etc Chengdu Longdi Dongbai Xinjin Logistics Park, Longdi Xi'an Airport Logistics Park, and Longdi Qingdao Port Logistics Park.
According to statistics from Pengpai News, the total construction area of the 11 logistics park projects that Blackstone Group plans to sell this time is about 2.2 million square meters, and the current average rental rate is about 80%. The smallest one is the Nanjing Binjiang Cold Chain Logistics Park, which covers an area of 60 acres (approximately 40000 square meters) and currently has a rental rate of 100%. According to insiders, Blackstone Group's move is to sell some projects with less than ideal returns for projects with better investment returns. Therefore, the total price of 11 projects exceeding 10 billion yuan is already considered a "discount price".
In fact, this is not the first time that Blackstone Group has sold its logistics projects.
Logistics infrastructure operator Amber (New York Stock Exchange code: PLD) announced on June 26 this year that it would acquire a logistics asset portfolio of 1.3 million square meters under Blackstone Group for $3.1 billion in cash.
Blackstone Group established its real estate investment business in 1991 and has managed approximately $326 billion in real estate equity investment assets to date. As the world's largest commercial real estate owner, Blackstone's funds own and operate assets in major regions and sectors worldwide, including logistics, residential, office, hotel, and retail.