Private equity firm opts to recapitalise European logistics business rather than sell
Blackstone has intensified its bet that demand for warehouse space will persist, with a €21bn recapitalisation of its European logistics business in one of the largest-ever private real estate deals.
The transaction involves a group of new investors buying into the Amsterdam-based platform, named Mileway, while other investors are selling out.
Existing investors will supply about three-quarters of the capital for the deal and several investors, including Asian sovereign wealth funds and US pension funds, have increased their commitments to €500mn or more, according to Seppala.
When Mileway was launched in 2019, its portfolio was valued at €8bn. That figure has almost trebled since with the company embarking on a spree of acquisitions and benefiting from a sharp rise in the value of warehouses.
Read more: FT
