Prologis has launched a €21bn (£17.5bn) bid to buy Blackstone’s portfolio of more than 2,000 European warehouses.
The world’s biggest warehouse owner has made a non-binding offer for Mileway, the last-mile portfolio which Blackstone has been assembling through acquisitions over the past six years.
Prologis now has six weeks to finalise a bid.
Blackstone had indicated that it would retain its exposure to the sector last month when it announced plans to recapitalise Mileway at a €21bn valuation, allowing investors to shuffle in or out while retaining control of the portfolio.
Those plans included a 75-day “go-shop” period in which higher bidders could put forward an offer. Of 20 or so prospective buyers approached by Morgan Stanley, the bank managing the process, eight looked seriously at Mileway but only Prologis submitted a non-binding bid, said one of the people close to the deal.
