Blackstone seals £118.5m London urban logistics buy

4 Mar 2021 | by Chris BorlandDavid Hatcher

Mileway platform fast approaching €13bn 

Office Building, Building, Convention Center

 

  • What Blackstone has agreed a deal to buy Bedfont Logistics Park
  • Why It is accelerating the growth of its last-mile logistics platform Mileway
  • What next The deal is expected to complete in the coming days

Blackstone has agreed a deal to buy Bedfont Logistics Park for around £118.5m, React Newscan reveal.

The private equity giant is buying the 317,231 sq ft estate for a price that reflects a net initial yield of close to 3.7% and around £15m above the initial £103.2m asking price of seller BlackRock.

It is the latest in an almost endless flurry of purchases in the sector by Blackstone as it continues to rapidly grow its urban logistics platform Mileway, which is now closing in on having €13bn of assets under its control.

Last week the company’s chief executive Emmanuel van der Stichele told React Newsthat despite the fierce competition in the market and rising prices that he still sees value and the potential for substantial further growth.

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