Blackstone makes €8 bln bet on European urban warehousing

Blackstone has acquired an € 8 bln portfolio of warehouses and dark kitchens in Europe. The world’s biggest real estate investor bets that e-commerce and delivery services will play an increasingly big role in Europe. The private equity group created a separate company, Mileway, to hold the properties in a move seen as a precursor to selling or listing it in about two years. Mileway now has the largest portfolio in Europe of so-called last mile properties, which are used by the likes of Amazon and also house dark kitchens that food delivery services such as Deliveroo rely on.

James Seppala, Head of Blackstone Real Estate Europe:
“Mileway is a natural evolution of our European logistics strategy, which is one of our highest conviction, long-term investment themes. As the largest last-mile logistics real estate company in Europe, Mileway will meet growing e-commerce-related demand for last-mile logistics real estate, facilitate faster delivery times and support the growth of small and large businesses.”

Emmanuel Van der Stichele, CEO, Mileway:
“The growth of e-commerce and urbanization is intensifying the requirement for faster logistics solutions. Mileway is the number one gateway to urban markets, and we are uniquely positioned to help businesses shorten delivery times, grow their customer base and scale geographically.”

Mileway is the largest owner of last mile logistics real estate assets in Europe. It has a pan-European footprint, with approximately 1,000 assets across eight major European economies. Core markets of the UK, Germany, the Netherlands, and France represent over 80% of the portfolio, with a growing presence in the Nordics and Southern Europe. The business is headquartered in Amsterdam, and has a dedicated team of over 150 employees, with a local presence in each of its markets.

Read more about Mileaway in FT.

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