US logistics group Prologis has completed the sale of the Platform portfolio of buildings and land in the UK to real estate funds managed by Blackstone for £473 mln (€524 mln).
The disposition represents the largest sale of logistics real estate assets on record in the UK. The majority of the assets were acquired from Liberty Property Trust upon Prologis' acquisition of the company in February 2020.
The portfolio comprises approximately 4.3 million sq ft (400,000 m2) across 22 stand-alone buildings and approximately 31 acres of consented development land across England.
‘This transaction completes the realignment of our UK portfolio with our long-term investment strategy in key distribution locations in the Midlands and the South East, along with our focus on urban Last Touch properties in London,’ said Paul Weston, senior vice president, regional head, Prologis UK. ‘The outcome demonstrates the strength of the logistics sector as an investment asset class.’
CBRE advised Blackstone on this landmark deal. Jack Farmer, director, Industrial and Logistics Capital Markets at CBRE said 'Logistics investments are high on investors lists at the moment, following a continued period of strong performance for the sector. This was a hugely competitive bidding process and we are delighted to have secured this portfolio for Blackstone, outlining CBRE’s strength in advising on deals of this size and complexity.'
