Blackstone is planning to recapitalise its pan-European last mile logistics company Mileway in a €21bn deal.

Blackstone said existing investors in Mileway have been offered the opportunity to retain or increase their shareholding, or exit for cash, alongside Blackstone’s core-plus strategy, and to hold the logistics company for the long term.

Blackstone said the large majority of capital for the recapitalisation is coming from existing investors.

Mileway comprises over 1,700 last mile logistics assets, amounting to 14.7m sqm across 10 European countries.

James Seppala, the head of real estate Europe, Blackstone, said: “Together with the Mileway management team, we are proud to have built a premier portfolio of European, last mile logistics properties in the most sought-after locations.

“Logistics is one of our highest conviction themes globally and the sector continues to prove its resiliency and strong growth potential. We have delivered a tremendous result for our Blackstone real estate investors and look forward to continuing to create value for investors seeking Core+ returns over the long term.”

Emmanuel Van der Stichele, CEO, Mileway, said: “We have worked closely with Blackstone to create a coveted last mile logistics portfolio that better connects our customers to the businesses and communities they serve.

“Blackstone’s ongoing support will enable us to continue executing on our shared vision for Mileway, Europe’s premier last mile logistics company, as we implement our value-enhancing initiatives and development plans in key urban locations across the UK and Europe.”

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