Pan-European last-mile logistics real estate firm Mileway has bought a 138,000sqft property in London in a sale and leaseback deal.

Mileway, Blackstone’s last-mile logistics platform, has paid an undisclosed amount to buy the asset in Purfleet, East London from DSV Road. 

Mileway said it will lease the entire property back to DSV Road for an initial term of 10 years.

Philip Cridge, UK country director at Mileway, said the property has recently undergone a major refurbishment programme to bring it up to the very highest standards and it occupies a prime location in London, with direct access to major roads and in close proximity to some of the UK’s leading freight terminals.

“We look forward to further strengthening our existing relationship with DSV and supporting them in their future success.”

So far this year, Mileway has acquired 300 assets totalling 18.5m sqft in the UK. The company currently owns more than 600 logistics properties across the country. 

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