Prologis has sold 4.3 million sq ft of industrial property in England to real estate funds managed by investment firm Blackstone for £473 million.
The portfolio also comprises of 22 stand-alone buildings located in the Midlands, as well as in the South West and North West. It also includes approximately 31 acres of consented development land in Staffordshire and Widnes.
Paul Weston, senior vice president, regional head, Prologis UK, said: “This transaction completes the realignment of our UK portfolio with our long-term investment strategy in key distribution locations in the Midlands and the South East, along with our focus on urban Last Touch properties in London.
“The outcome demonstrates the strength of the logistics sector as an investment asset class.”
Prologis said the majority of the assets were acquired from Liberty Property Trust when it acquired the company in February 2020.
CBRE advised Blackstone on this deal. Jack Farmer, Director, Industrial and Logistics Capital Markets at CBRE said “Logistics investments are high on investors lists at the moment, following a continued period of strong performance for the sector.
“This was a hugely competitive bidding process and we are delighted to have secured this portfolio for Blackstone, outlining CBRE’s strength in advising on deals of this size and complexity.”