Blackstone breaks records with €21bn Mileway recap
Blackstone is recapitalising Mileway, its European last-mile logistics platform, in a €21bn (£17.5bn) deal with existing investors that marks the largest private real estate transaction ever.
The group said the deal had been agreed with existing investors and its own Core+ strategy, which will look to hold Mileway “for the long term”.
Over six years, Blackstone and Mileway – which was launched as a stand-alone company in 2019 – have built a 1,700-asset portfolio spanning 158m sq ft across 10 countries.
Blackstone is recapitalising Mileway, its European last-mile logistics platform, in a €21bn (£17.5bn) deal with existing investors that marks the largest private real estate transaction ever.
The group said the deal had been agreed with existing investors and its own Core+ strategy, which will look to hold Mileway “for the long term”.
Over six years, Blackstone and Mileway – which was launched as a stand-alone company in 2019 – have built a 1,700-asset portfolio spanning 158m sq ft across 10 countries.
James Seppala, Blackstone’s head of real estate for Europe, said: “Logistics is one of our highest-conviction themes globally, and the sector continues to prove its resiliency and strong growth potential. We have delivered a tremendous result for our Blackstone real estate investors and look forward to continuing to create value for investors seeking core-plus returns over the long term.”
Emmanuel Van der Stichele, Mileway’s chief executive, added: “We have worked closely with Blackstone to create a coveted last-mile logistics portfolio that better connects our customers to the businesses and communities they serve. Blackstone’s ongoing support will enable us to continue executing on our shared vision for Mileway.”
BofA Securities, Eastdil Secured International, Goldman Sachs, JLL, JP Morgan, Morgan Stanley and Rothschild advised the existing investors.
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