Blackstone has bought a portfolio of 18 last-mile logistics assets across the UK from PGIM for £200m.
The sites total around 2m sq ft and span Manchester, Birmingham, Reading and Leeds. They will be added to the portfolio of Indurent, formed through the merger of Blackstone-owned Industrials REIT and St Modwen Logistics. Indurent will refurbish the assets, which are fully let.
Blackstone invested more than £1.3bn in UK logistics last year and has backed the growth of Indurent with £600m in asset purchases and £400m in forward funding developments.
James Seppala, Blackstone’s head of European real estate, said: “UK logistics continues to be a high-conviction theme for Blackstone, bolstered by increased occupier demand and strong e-commerce growth. With this latest acquisition, we have now invested more than £1bn into scaling Indurent [over the past year], successfully creating one of the UK’s leading pure-play logistics businesses.”
Indurent chief executive Julian Carey added: “The long-term outlook for the sector remains highly compelling. This acquisition further underlines our commitment to building a portfolio of high-quality, well-connected assets which give our customers the best choices from which to run and grow their businesses.
“We are actively seeking opportunities to expand our portfolio in 2025 through further acquisitions, as well as developing an additional 2m sq ft of new sites each year from our significant land bank, creating jobs and fuelling national and regional growth.”
Photo © Marcin Jozwiak/Unsplash
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