The Blackstone Group has completed the largest private real estate transaction in Europe.
The recapitalisation of Mileway, its European logistics platform, for €21 bn follows a 75 day “go-shop” period after it first announced the transaction in February in order to establish if any better options existed.
Prologis, the US logistics specialist, reportedly held talks during the period, but those came to nothing.
Blackstone said existing investors in Mileway had now completed the recap alongside Blackstone’s core-plus perpetual capital vehicles.
Morgan Stanley provided the “go shop” and “fairness opinion” advisory part of the process. Eastdil Secured also advised on the real estate elements.
The full list of advisors to the selling funds is: BNP Paribas, BofA Securities, Deutsche Bank, Eastdil Secured, Goldman Sachs International, Jones Lang LaSalle, JP Morgan Securities, Morgan Stanley, RBC Capital Markets, and Rothschild & Co. Simpson Thacher & Bartlett served as legal advisor to Blackstone.
Subscribers can read more about the transaction here, as previously reported.
