Funds managed by Blackstone and M7 Real Estate have acquired a logistics portfolio from Helical for £150m (€168.3m).
The UK focused property investment and development company said it has exchanged contracts to sell The Magnus Portfolio of 20 logistics assets to the real estate funds.
The 2.27m sqft nationwide portfolio, comprising 17 single-let and three multi-let assets, was accumulated through portfolio and individual acquisitions in 2014 and 2015, Helical said.
The price achieved is a 14% premium to September 2017 book value and the net proceeds will be used to reduce debt and annual finance costs, it said.
Tom Anderson, a senior investment executive at Helical, said: “This is a significant sale for Helical, bringing to an end our investment in the logistics sector.
“The price achieved reflects the structural shift towards e-commerce, strength of occupier demand, shortage of supply and rental growth prospects.”
The current acquisition by Blackstone and M7 follows previous deals.
Last month, Blackstone and M7 bought a £320m UK industrial portfolio from InfraRed Capital Partners.
IPE Real Assets also reported in March 2017 that Blackstone and M7 are buying a €1.28bn portfolio of Dutch and German assets to add to the light industrial assets already owned and managed by Blackstone and M7.