Blackstone managed real estate funds have invested £473m (€515m) to buy a UK logistics portfolio of buildings and land from Prologis.
Announcing the disposal, Prologis said the majority of the assets sold were part of assets acquired from Liberty Property Trust. Late last year, Prologis announced a $12.6bn deal to buy smaller rival Liberty Property Trust, which owns office buildings and industrial properties, serving customers in the US and UK.
Prologis said the portfolio being sold to Blackstone comprises approximately 4.3m sqft of buildings and 31 acres of consented development land across England.
Paul Weston, senior VP, regional head, Prologis UK., said: “This transaction completes the realignment of our UK portfolio with our long-term investment strategy in key distribution locations in the Midlands and the South East, along with our focus on urban Last Touch properties in London.
“The outcome demonstrates the strength of the logistics sector as an investment asset class.”
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