CIC, a walk in the logistics parks

China Investment Corporation is a state-owned investment company that manages a sovereign wealth fund, a part of the People’s Republic of China’s foreign exchange reserves. CIC was established in 2007 with assets of approximately US $ 200 billion and after 10 years had over $ 941 billion in assets under management. The management and the Board of Directors the China Investment Corporation are appointed and accountable to the State Council of the People’s Republic of China.

Highly active, CIC has been involved in many businesses: it has acquired a $ 3 billion stake in the Blackstone Group; issued national bonds; joined the International Forum of Sovereign Wealth Funds and the Santiago Principles; set up a new branch in Hong Kong; established its first foreign office in Toronto, choosing it over financial centres such as New York or London; acquired a 12.5% stake in Russian potash fertilizer company Uralkali for an amount of $ 2 billion; acquired a $ 40 million stake in iKang Health Group and provided capital in a deal between Carnival Corporation and China State Shipbuilding Corporation; founded CSSC Carnival Cruise Shipping, a joint venture between the CIC, the China State Shipbuilding Corporation, and Carnival Corporation & plc.; acquired a 45% stake in the office skyscraper 1211 Avenue of the Americas, New York City, valued at $ 2.3 billion; purchased Logicor, a European warehouse company, from The Blackstone Group L.P. for $ 13.49 billion.

Logicor was also present in Romania with four logistics parks: Ploiești, Timișoara, Mogoșoaia and Pantelimon.

The Logicor logistic park in Mogosoaia. Source: proprietati-industriale.ro

Blackstone had purchased a warehouses portfolio from Immofinanz, including the four projects in Romania. After the European Commission approved the fund’s takeover of the Logicor assets in an international transaction, China Investment Corporation also became the owner of the four logistics parks and over 100 hectares of land in Romania.

In 2019, China Investment Corporation put up for sale the Logicor deposits it held in Romania for an amount of € 30 million. Some of the most important tenants that Logicor had in Romania were IKEA, Coca-Cola, DPD, Profi Rom Food and Heineken.
As soon as the Chinese put their assets up for sale in Romania, the real estate consulting company Cushman & Wakefield took over the management of the logistics parks owned by Logicor from all over Central and Eastern Europe, including the warehouses in Romania. The portfolio includes 47 logistics parks with a total area of 1.7 million square meters, located in Poland, Romania, Hungary, the Czech Republic and Slovakia.

 

Read more about the Chinese companies in:

Ukraine

Moldova

Bulgaria