CIC leads race for unit of Blackstone

LONDON - China Investment Corp is the front-runner in the race to acquire Blackstone Group LP's European logistics business Logicor for 12 billion euros ($13.4 billion).

Temasek Holdings and Mapletree Investments Ltd are also still in the bidding process, according to a person familiar with the situation. The news was first reported by Estates Gazette, a property magazine in the United Kingdom.

Blackstone, which created Logicor in 2012, is cashing out as demand for European logistics properties from investors and tenants grows.