Blackstone has agreed to acquire a €2-billion (US$2.3 billion) portfolio of warehouses in France from logistics landlord Proudreed, reported Bloomberg News. The pending acquisition encompasses approximately 2.3 million square meters (approximately 24.75 million square feet), located primarily in urban markets. Reportedly it also includes land parcels with development potential.
The deal highlights Blackstone’s conviction that logistics remains one of the most resilient segments in global real estate as the office and retail sectors continue facing structural headwinds. Industrial already comprises more than half of the asset management giant’s European real estate portfolio, Bloomberg reported.
This past April, Blackstone announced the formation of Proxity, a pan-European industrial operations and development vehicle. With France seen as a focal point of the European logistics market, providing connectivity to both the northern and southern ends of the continent, the Proudreed portfolio is expected to be integrated into the Proxity platform.
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