Private equity group Blackstone (BX.N) has agreed to sell European warehouse firm Logicor to China Investment Corporation [CIC.UL] (CIC) for 12.25 billion euros ($13.8 billion), cementing China’s position as a player in European private equity exits.

The sale, the biggest private equity real estate deal in Europe on record, scuppered plans that were being worked on for a London initial public offering of Logicor later this year.

Logicor was founded by Blackstone’s real estate division in 2012 to manage and operate its European logistics assets.

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