Prologis, the world’s biggest warehouse owner, has launched a bid to buy Blackstone’s portfolio of logistics properties in what would be the largest ever private real estate deal, in a sector where the Covid-19 pandemic and the rise in online shopping have pushed values up sharply.
Prologis has made a non-binding offer of a little over €21bn for Mileway, a portfolio of almost 2,000 European warehouses that Blackstone has been building through acquisitions over the past six years, according to people familiar with the matter.
The company now has about six weeks to finalise a bid that satisfies a number of conditions laid down by the funds selling Mileway, according to one of the people.