Investors hope to stay invested in €21 bn Mileway urban logistics vehicle and firms announce capital raises for debt, value-add, resi and proptech strategies.
Blackstone agreed to the majority of Mileway investors’ wishes, to stay in for the long-term and recapitalise the vehicle rather than sell it - subject to no higher bid emerging via a process run by Morgan Stanley.
Investors in Mileway include the US manager’s own Core+ strategy. James Sepala, Blackstone’s head of real estate in Europe, said Mileway had ‘delivered a tremendous result for our Blackstone real estate investors.’
Q1 2022 is turning out to be a strong start to the year for capital raising. This week, three managers made debt fund announcements; there are two residential investment strategies; two follow-on value-add funds; two core/core+ cap raises; and one proptech final close.
Half the deals closed and disclosing pricing are for large logistics assets, with EQT, Arrow, Patrizia, Tritax EuroBox and Savills’ Korean client Vestas all buying from developers, value-add investors or via sale and leasebacks.
Assets on the market include two shopping centres in UK towns and a prime Paris office. We also track the latest completed loans.
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