The Leading News & Information Service For The Facilities, Workplace & Built Environment Community

Prologis Finalises $3.1bn Acquisition of Blackstone Logistics Portfolio

Prologis Finalises $3.1bn Acquisition of Blackstone Logistics Portfolio
26 June 2023
 

A definitive agreement for Prologis to acquire almost 14 million square feet of industrial property from Blackstone has been confirmed.

Blackstone recapitalised Mileway, its logistics arm, in February 2022. The deal is worth $3.1 billion and has been funded by cash. The transaction is expected to close by the end of Q2 2023.

Prologis currently owns 1.2 billion square feet of logistics real estate in 19 countries and is known as the world’s largest warehouse owner.

"We're pleased to be working with Blackstone on this deal. These high-quality properties are complementary to our portfolio and fit perfectly into our long-term strategic plan for growth," said Dan Letter, President at Prologis.

"The acquisition demonstrates our unique ability to add significant scale to our portfolio - expanding customer relationships and increasing opportunities for our growing Essentials platform."

Nadeem Meghji, Head of Blackstone Real Estate Americas, added, "Where you invest matters, and this transaction demonstrates the exceptional demand for high-quality warehouses. With near record low vacancy, logistics remains a high conviction theme for us; we are proud owners of $100 billion of warehouses in North America and $175 billion in total around the world. And, of course, Prologis is a world-class company that knows this space as well as anyone."

Picture: a photograph of some shelving in a warehouse with yellow storage bins. A person can be seen walking between the units. Image Credit: Unsplash

Article written by Ella Tansley | Published 26 June 2023

Share



Related Articles

Apleona Wins FM Contracts for Mileway Portfolios in Germany

Apleona has won several lots in two separate tenders conducted by Mileway, the European logistics arm of Blackstone. The three-year contract includes property...

 Read Full Article
CIBSE, Introba and Amazon Unveil New Embodied Carbon Guidance for Warehouse Equipment 

New guidance to help the logistics industry measure the embodied carbon of warehouse equipment is now available. In conjunction with building services consultancy...

 Read Full Article
British Land Secures Planning for Southwark Logistics Hub

British Land has received a resolution to grant planning permission for a logistics hub in Southwark, the latest scheme in their London urban logistics...

 Read Full Article
Completion of UK’s Largest Warehouse Refurbishment Project

The UK's largest strip-out, demolition, and refit of a warehouse project is now complete. The 661,000 sq. ft (60,000 m2) space at the former GAP Warehouse in Rugby...

 Read Full Article
British Land Plans New Logistics Hub in Enfield

British Land has received resolution to grant planning permission for a 455,000 sq ft multi-level logistics hub near Junction 25 of the M25. Intended to cater for the...

 Read Full Article
London Thames Gateway Warehouse Facility Opens for DHL and Mars

Mars and DHL’s “Project Gateway” investment into UK operations concludes with the opening of the London Thames Gateway facility. The building is 42...

 Read Full Article
NFU Mutual Sells Eight Prime UK Logistics Assets to Barings

Barings, a subsidiary of MassMutual, is to acquire a portfolio of logistics properties from NFU Mutual in a deal worth £234 million. The eight assets are all...

 Read Full Article
Amazon Looks to Offload 10m Square Feet of Warehouse Space, Reports Suggest

Amazon is looking to sublet or terminate leases of excess warehouse space due to a drop in online shopping, says Bloomberg. According to the news report by Bloomberg,...

 Read Full Article
FT Reports Prologis Bid on Blackstone’s Logistics Business

According to the Financial Times, Prologis has made a bid on Blackstone’s €21 billion logistics and warehouse arm. Prologis has allegedly made “a...

 Read Full Article
BAM FM Wins Hard FM Contract With Made.com

BAM FM has been awarded a three-year hard facilities management contract with online home and lifestyle retailer Made.com. The contract will encompass both mechanical...

 Read Full Article