Prologis Finalises $3.1bn Acquisition of Blackstone Logistics Portfolio

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• 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

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