Blackstone’s logistics arm Mileway has acquired a 138,000 sq ft (12,820 m2) last-mile logistics property in London through a sale-and-leaseback transaction. Financial details were not disclosed.
Located in Purfleet, East London, the property sits on the north side of the Thames, approximately 18 miles east of Central London and comprises a recently refurbished and well specified cross-dock distribution unit and Grade A office space and was recently awarded a ‘Very Good’ BREEAM Rating.
Mileway acquired the property from DSV Road, a leading transportation provider in Europe with a fleet of more than 20,000 trucks and part of Danish-listed DSV, the fifth largest supplier of transport and logistics services in the world. Mileway will lease the entire property back to DSV Road Ltd for an initial term of 10 years. The property will continue to act as a key holding within the DSV UK operation and remain as its UK headquarters.
In 2020 alone, Mileway has acquired 300 assets totalling 18.5 million sq ft in the UK. Today it owns more than 600 logistics properties across the country, with a presence in all major cities including London, Birmingham, Cardiff, Glasgow, Leeds, Liverpool, Manchester and Newcastle.
Commenting on the acquisition, Philip Cridge, UK country director at Mileway, said: ‘We are delighted to have added such a high-quality asset to our significant UK portfolio of leading last-mile logistics assets. The property has recently undergone a major refurbishment programme to bring it up to the very highest standards and it occupies a prime location in London, with direct access to major roads and in close proximity to some of the UK’s leading freight terminals. We look forward to further strengthening our existing relationship with DSV and supporting them in their future success.’
