The portfolio consists of mainly logistics and warehouse properties situated in Gothenburg, Jönköping, Malmö, Stockholm and Västerås, Sweden. The total lettable area amounts to around 357,000 m2 and the economic occupancy rate is 94%.
 
Transfer of possession will be made in two stages, the first in the middle of February 2023 regarding seven properties and the second in the middle of April 2023 regarding 40 properties. The agreement is conditional on the approval from the Swedish Competition Authority.
 
The transaction frees up capital for strengthening Corem's long term financial capacity, as well as for investment purposes, the company said in a statement.

CBRE, Citigroup Global Markets, Nordea and PwC served as exclusive advisors to Blackstone. Roschier and Simpson Thacher & Bartlett served as legal counsel to Blackstone. Corem's legal advisors have been Walthon Advokater.

This is Blackstone’s largest logistics acquisition in Sweden and the second one from Corem. In 2019 the US giant bought a total of 500,000 m2 across Sweden involving 30 logistics assets in a SEK 4.2 bn (€395 mln) deal with the Swedish landlord.

Also in 2019, it bought a portfolio of seven warehouse and logistics properties in the country from Stockholm-listed property company Klövern. Blackstone paid SEK 622 mln (€58 mln) for the properties  located in Örebro, Kalmar, Halmstad, Linköping and Västerås.