Investment and advisory firm Blackstone has bought a 3.5m sq ft (325,160 m2) portfolio of UK industrial property from Prologis and the Amsterdam-listed fund Prologis European Properties (PEPR), paying around $335m (€252.6m).
The portfolio comprises 13 fully let properties in the UK’s Midlands and Yorkshire regions. Ten of the properties, accounting for 231,650 m2, belonged to PEPR, which says that the proceeds from the sale of these buildings, €180.3m, will be used to further reduce debt.
“The disposal is in line with our objective to actively manage the portfolio to optimise value, through focusing on core assets and locations where we have critical mass,” said PEPR’s CEO Peter Cassells.
