Blackstone has bought a £120m (€130.1m) portfolio, from a Clearbell Capital UK value-add fund, for its last-mile logistics platform Mileway.

The Clearbell Property Partners III fund said Blackstone has bought the Cara portfolio of 22 small-to-medium-sized industrial and logistics assets located throughout the UK. 

The portfolio, which totals over 2m sqft, primarily includes warehouses and logistics sites in suburban, last-mile locations.

The Clearbell fund acquired the seed portfolio of 12 industrial assets below replacement cost at a post-referendum discount in March 2017. Further acquisitions were made between September 2017 and March 2019, bringing the portfolio to 23 assets.

Rob West, Partner at Clearbell Capital, said: “This deal demonstrates the resilience of the industrial and logistics sector.

“Despite uncertainty around COVID-19, we’re unlikely to see appetite for warehouses and logistics sites wane in the medium to long term.”

The deal was completed and exchanged on 19 March 2020.