LONDON (Reuters) – Non-public fairness large Blackstone has agreed to purchase an 80% stake in a European warehouse portfolio run by landlord Burstone, the most recent push by the U.S. funding supervisor into warehouses which have boomed alongside the rise of e-commerce.
The Johannesburg-listed firm – previously Investec’s property fund – has agreed to promote the controlling stake within the 1.1 billion euros ($1.2 billion) portfolio with properties in seven international locations together with Germany, France and the Netherlands to Blackstone, based on a Burstone inventory alternate announcement.
Burstone will obtain rapid money proceeds of 250 million euros from the sale, the assertion stated, including that the deal would assist it fund enlargement of the enterprise. Burstone will retain a 20% curiosity within the portfolio and its European staff will proceed to handle it.
Blackstone has made a sequence of investments in European warehouse companies lately together with below the model Mileway, a last-mile logistics firm which Blackstone and present buyers recapitalised in 2022.
Logistics together with warehouses have been a vivid spot in a struggling business actual property market, because the growth in e-commerce creates demand for more room.
($1 = 0.9035 euros)
(Reporting by Iain Withers,; Modifying by Tommy Reggiori Wilkes and Ed Osmond)
