US asset management giant Blackstone is in exclusive negotiations to acquire Prologis’ Platform portfolio for £480 mln (€524 mln).
The deal - the largest UK warehouse investment sale on record – was first reported by PropertyWeek and confirmed by well-informed market sources of PropertyEU.
The Platform portfolio includes a number of non-core assets acquired as part of Prologis’ $13 bn acquisition of Liberty Property Trust earlier this year for $12.6 bn in an all-share deal.
The Platform annual rental income is £25 mln and includes tenants Tesco and Srewfix. The properties are mainly standalone stores rather than parks.
In a statement issued in June, Prologis confirmed it was looking to sell the assets for a guide price of £435 mln and added: ‘The portfolio includes a number of standalone logistics properties which fall outside our core UK investment strategy of logistics park ownership. The future sale of these non-core assets, which will be the largest disposal of a logistics portfolio in the UK, will complete our efforts to realign our UK portfolio with our long-term investment strategy.’
London-based European logistics specialist DTRE has been mandated to sell the portfolio.
Prologis is now the largest logistics owner in the world with real estate in 19 countries.
