Several leading Estonian construction companies participated in the tender for the first phase of the construction of Park Rae, which is set to become one of the largest logistics and light industrial parks in the Baltics. The tender was organised by East Capital Real Estate AS, the third largest property manager in the Baltics, who selected Nordecon AS as the winner.

On 2 February, East Capital Park Rae and Nordecon signed a contract to build the first building of the 130,000 m² logistics and light industry park, planned for the 30-hectare site in Rae Municipality, near Tallinn, at Pähklimäe road 11.T The cost of the construction contract, which covers the construction of the first building and accompanying outdoor areas, is 15.8 million euros.

Park Rae is situated in an exceptional location for logistics – only a 15-minute drive from Tallinn`s city centre, in Rae Parish, with excellent access to the Tallinn ring road and the Tartu highway.

In the first phase, a 32,000 m² building will be constructed, of which approximately 1,200 m² will comprise office space that can be expanded according to tenants’ needs. The building permit has been obtained, and work will begin as soon as the working design is completed, aiming for spring 2026 with an ambitious target move-in date in first half of 2027.

Tanel Tamme, Head of Design and Construction at East Capital Park Rae, says, “The project aims to set a new standard in the market, both in terms of quality and innovative solutions. We are focusing not just on the development of commercial space, but on offering a comprehensive solution that combines logistics and light industry buildings with office space, as well as recreation areas. Our goal is to create a space that embodies the idea of ‘Designed for people. Built for tomorrow’ – a place where companies can create a comprehensive working environment by combining logistics and production with high-quality, modern office space that meets the standard of offices in central Tallinn, but at a more flexible price.”

Deniss Berman, Member of the Management Board of Nordecon:
“We are pleased to be working with the East Capital Real Estate team and to contribute to the development of a new logistics and industrial park that will set a new quality benchmark for the entire region. One of Nordecon’s key strengths is the construction of functionally well-thought-out business environments, and the first phase of the Park Rae project enables us to apply our previous experience to the fullest. Our objective is to create a sustainable, high-quality and long-lasting environment that delivers genuine value to both the developer and future users.”

Nordecon’s main activity is general contracting in construction and design. The company has extensive experience in the construction of buildings for various purposes, including commercial and retail buildings, apartment buildings, and public buildings. Nordecon’s strength lies in complex and technically demanding projects, through which the company contributes to the creation of higher quality, safer, and more sustainable public spaces throughout Estonia.

According to Martin Otsa, Investment Manager at East Capital Real Estate, Nordecon’s bid best met the criteria for the construction project. “The entire construction process will focus on sustainability and innovation, with great attention paid to energy efficiency, the use of sustainable materials, innovative design, and smart solutions that support employee well-being. The goal is to achieve LEED Platinum green certification, which has not yet been awarded to any logistics park in the Baltics. This will be an important step forward, setting the tone for the implementation of environmentally friendly solutions in the logistics sector.”

The 2024 architectural competition for the construction of the logistics park was also an innovative step for the logistics sector. The competition was won by the architectural company DAGOpen with their “EASTWOOD” submission. Other project participants include studio Argus, responsible for interior design solutions; Projektibüroo, playing a key role in general design; Inseneribüroo Telora, performing owner supervision; and Certify, advising on LEED certification matters.

The Park Rae development is a valuable addition to East Capital’s portfolio, strengthening the company’s position in the Baltic commercial real estate market. The project will also contribute to the local economic development of Rae Parish, creating new jobs and enhancing the business environment in the region.

Contact Information

Martin Otsa, Head of Investments, East Capital Real Estate
martin.otsa@eastcapital.com

Jessica Scott, Chief Marketing and Communications Officer, East Capital Group
mediaenquiries@eastcapital.com

Bespoke, senior secured solution to refinance institutional-quality portfolio and consolidate lender base

NEW YORK, Jan. 29, 2026 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed funds have completed an approximately €900 million senior secured financing of a pan-European logistics and industrial portfolio owned by a joint venture between an affiliate of Cerberus Capital Management (“Cerberus”), a global alternative investment manager, and Arrow Capital Partners (“Arrow”), a specialist investor, credit provider, developer and manager of real estate in Europe and Asia-Pacific .

The investment, split among three separate senior loan facilities, will primarily refinance existing debt of the Strategic Industrial Real Estate (“SIRE”) platform, a joint venture between Cerberus and Arrow. The portfolio comprises 92 institutional-quality assets totaling more than one million square meters of urban and mid-box logistics and industrial space. The portfolio has a diversified tenancy base anchored by long-term, investment grade occupants and is located across key, high-demand European distribution corridors in the UK, Germany, the Netherlands, Spain, Ireland, and Poland.

Ben Eppley, Partner and Head of Real Estate Credit, Europe at Apollo, said, “This bespoke solution refinances a diversified, high-quality portfolio of strategically located logistics and industrial assets, which benefit from resilient demand and supply dynamics. We continue to see strong interest from sponsors seeking holistic, single lender solutions where we can transact with certainty and scale.”

Julio Dominguez, Head of European Financings at Cerberus, commented, “Apollo’s investment reflects the strong market recognition of the value we have built across our SIRE platform. With a high-quality portfolio and robust market fundamentals, this refinancing supports our commitment to advancing our strategy across Europe.”

Apollo’s Real Estate Credit business continues to be one of the most active non-bank lenders across Europe. Other recent investments include senior financing for a UK portfolio of purpose-built student accommodation assets as well as senior financing for Shadowbox Studios’ Shinfield Studios, a new major film and TV production hub in the UK.

Gibson Dunn and Greenberg Traurig acted as legal counsel to the Apollo funds. Eastdil advised Cerberus, and Linklaters acted as legal counsel to Cerberus.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2025, Apollo had approximately $908 billion of assets under management. To learn more, please visit www.apollo.com.

About Cerberus

Founded in 1992, Cerberus is a global alternative investment firm with approximately $70 billion in assets across complementary credit, real estate, and private equity strategies. Cerberus invests across the capital structure where it believes its integrated investment platforms and proprietary operating capabilities can help improve performance and drive long-term value. Cerberus’ tenured teams have experience working collaboratively across asset classes, sectors, and geographies as they seek to achieve strong risk-adjusted returns for investors. For more information, visit www.cerberus.com.

About Arrow Capital Partners

Arrow Capital Partners is a private real estate company which invests in equity and debt opportunities specialising in cross-border transactions where it can use its platform and balance sheet to invest with its US and Asia-Pacific capital partners into Europe, as well as European and US investors into the Asia-Pacific region.

Arrow has eight offices covering those markets, with assets of over $5bn across office and logistics assets, including developments. The Partners each have a minimum of 20 years investment experience and have been responsible for overseeing US$25bn across all asset classes in multiple jurisdictions, plus a US$8bn development pipeline. Additional information can be found at: www.arrowcapital.co.uk.

Apollo Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

Cerberus Contacts

Jason Ghassemi
Chief Communications Officer
Communications@cerberus.com

TOKYO, JAPAN – December 25, 2025 – Blackstone (NYSE: BX) today announced that Real Estate funds managed by Blackstone (“Blackstone”) have entered into a definitive agreement to acquire Tokyo C-NX (the “Asset”), a Grade A logistics asset located in central Tokyo. Valued at over JPY 100 billion (US$641 million), this marks the largest logistics transaction in Japan this year and underscores Blackstone’s commitment to investing in sectors that support Japan’s economic growth.

The Asset – a 1.6 million square feet, 5-story warehouse in Tokyo Bay, within a 15-minute driving distance from the city center – serves as a mission-critical distribution hub. Japan continues to see steady demand for high-quality warehousing solutions, driven by its expanding e-commerce sector – now the fourth-largest globally – and a shift towards a more digitalized economy.

Daisuke Kitta, Head of Real Estate Japan, Blackstone, said: “We are pleased to invest in a premium asset in logistics, a fast-growing sector and one of Blackstone’s highest conviction investment themes. This reinforces our focus on investing in critical industries shaping Japan’s future and demonstrates our ability to offer scale, speed, and certainty to Japanese corporates seeking trusted partners to advance their strategic goals. We are committed to partnering with Japanese businesses and continuing to contribute in meaningful ways to the evolution of Japan’s economy.”

Japan is a high conviction market for Blackstone, where the firm has built partnerships with leading corporates including Seibu Holdings, Kintetsu Group, and Sony Group. In recent years, it has accelerated its investments across businesses. In Real Estate, Blackstone has built a diversified portfolio across logistics, residential, hotels, data centers, and offices. Earlier this year, Blackstone completed the acquisition of Tokyo Garden Terrace Kioicho for $2.6 billion (~JPY 400 billion) in the largest real estate investment at the time by a foreign investor. Blackstone is also building its data center presence in Japan through AirTrunk, a leading data center platform in the Asia Pacific region, further strengthening its position as the world’s largest data center provider and a major investor across the AI value chain.

Blackstone is a significant investor in logistics globally. Over nearly 15 years, the firm has made investments at scale in the United States, Europe, and in the Asia Pacific region across Japan, India, Australia, Greater China, and South Korea.

About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Blackstone
Mariko Sanchanta
mariko.sanchanta@blackstone.com
080 8702 7386

Kekst CNC
Minako Otani
blackstone@kekstcnc.com
090-3239-9348