Blackstone buys €270m last mile logistics portfolio
- evangreen61
- Aug 26, 2020
- 1 min read
Updated: May 19
What Blackstone buys 28 assets in France and Germany
Why The two countries remain core markets for Blackstone’s European logistics strategy
What next Portfolio identified as having strong growth potential
Blackstone has bought the Proximity Portfolio, a collection of 28 prime last mile logistics assets in France and Germany, from Castlelake and Melcombe for around €270m.
The 201,923 sq m portfolio is let to 48 tenants and with a heavy asset concentration in the Paris region, with 16 of the 28 properties located in the city. The majority of the tenants comprise third party logistics operators and ecommerce specialists.
James Seppala, head of Blackstone Real Estate Europe, said: “France and Germany remain core markets for our European logistics strategy, which is one of our highest conviction investment themes and which continues to benefit from strong e-commerce related demand.”
Tom Kinsley, senior director, EMEA logistics investment at CBRE, added: “It’s rare to find an aggregated urban logistics portfolio of such high quality, in respect to the assets, their locations and future growth potential.”