Blackstone is acquiring a €2.3bn industrial portfolio and platform in France from local real estate firm Proudreed.
The deal involves Blackstone agreeing to acquire a 2m sqft industrial portfolio of around 500 assets valued at €2.3bn, including 67 secured projects under development.
With an occupancy rate of 92%, the portfolio’s operations and development will continue to be managed by the Proudreed platform and its team under CEO Christophe Le Corre.
James Seppala, head of real estate Europe at Blackstone, said: “France’s logistics sector benefits from strong fundamentals, including supply constraints and growing e-commerce penetration. We believe that Proudreed’s high-quality portfolio is well positioned to accelerate its growth through acquisitions and development, thereby solidifying Proudreed’s position in the French industrial market.”
Proudreed’s €750m portfolio of 250 non-industrial office and retail properties will continue to be held by its shareholders.
Le Corre, president of Proudreed, said: “This transaction marks an important milestone for Proudreed. Our portfolio is the result of years of strategic development and operational excellence.
“Blackstone has recognised the efficiency of our model and Proudreed’s leadership position in the industrial park segment and will undoubtedly seek to accelerate the development of our activity across France.”
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