Blackstone has provided a £420m (€489m) loan to help Cain International develop a UK logistics portfolio it acquired earlier this year.

Last month Cain marked its entry into the UK logistics market with the acquisition of a £550m portfolio from real estate investor Firethorn Trust.

The UK portfolio comprised 22 assets, including two newly built developments, and five consented land sites that are on course for completion in 2022 and the first half of next year.

Firethorn will develop the remaining sites and act as leasing and asset manager across the portfolio on behalf of Cain.

Daniel Harris, a senior managing director and head of European investment for Cain International said: “We acquired this portfolio because its scale and quality strongly aligned with our ambition to grow our reach in the UK logistics sector in a meaningful and strategic way.

“Working with a partner of Blackstone’s calibre is a strong endorsement of this approach and we look forward to working with the team there and with Firethorn Trust on the delivery of this portfolio in the coming 12 months.”

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