Blackstone has launched Indurent, a UK developer and operator of industrial and logistics space, by combining multi-let industrial property company, Industrials REIT, and logistics developer and manager, St. Modwen Logistics.
Blackstone acquired St. Modwen and Industrials REIT in 2021 and 2023 respectively.
The newly integrated business is led by CEO Julian Carey already with a portfolio comprising more than 27 million ft2 of assets from urban light industrial units and last-mile delivery facilities to mid and big-box developments used for national distribution, production, or manufacturing.
Indurent becomes one of the UK’s largest owners of logistics property, which Blackstone said would benefit from Industrials REIT’s ‘Hive’ technology platform, which supports direct marketing to customers and a frictionless occupier experience to help drive customer satisfaction and reduce vacancy periods. This will be combined with the development capability and land bank of St. Modwen Logistics, which delivered around 4 mln ft2 in the past two years.
As well as Carey, the management team involves Tom Olsen, CFO, James Cooper, head of investment, Lee Nash, head of development, and Sarah Bellilchi, general counsel. The business will operate from offices in both London and Stockport.
Carey said: ‘This is an incredibly exciting milestone which brings together a market-leading customer focused operating platform and proven development capability to create Indurent, a fully integrated industrial and logistics company that can support our customers at all stages of their lifecycle.’
‘An undersupply of industrial and logistics space in key locations means we have an exciting opportunity to establish a truly national platform that will help businesses access the space they need. With Blackstone’s support, we are well placed to deploy capital where we see attractive acquisition opportunities and deliver on our ambitious development pipeline.’
James Seppala, head of European real estate, Blackstone, added: ‘UK logistics is a high conviction theme for Blackstone given the exceptionally favourable long-term fundamentals in the sector. As the market continues to evolve and mature, Indurent’s outstanding team and best in class approach to customer service across an expanded portfolio puts it in the best position for this next phase of growth.’
