Blackstone has created a joint venture with European logistics specialist Delin Capital Asset Management.

Delin Capital has seeded the joint venture with a 230,000sqm portfolio consisting of seven assets in the UK and Netherland.

For new investments, it will focus on Germany, Benelux and the UK.

Blackstone has been very active in global logistics markets in recent months. In Europe, it already owns logistics platform Logicor and recently bought a €1.28bn porfolio of light industrial assets from HIG.

Delin Capital said its joint venture was on behalf of Blackstone’s core-plus platform.

Blackstone’s $102bn (€96.1bn) real estate business is more commonly associated with higher-return strategies, but in recent years has moved into lower-return, income-focused investments. In 2014, it launched its first core-plus fund, which eventually attracted capital from the California State Teachers’ Retirement System.

Ekaterina Avdonina, managing director of Delin Capital Asset Management, said: “Occupier demand for high quality and well located warehouse and logistics space continues to gain momentum, underpinned by the structural changes taking place in consumer shopping habits.

“With the sector having demonstrated ongoing resilience and outperformance, we are confident that underlying market fundamentals are in place to support this new vehicle.”

The former chief executive of Delin Capital, Christian Jamison, last year created a pan-European logistics real estate partnership, Valor Real Estate Partners, with the founder of KTR Capital Partners.