Blackstone has acquired another large warehouse portfolio, in a €1bn transaction, adding to the US investment group’s bet on the logistics sector with one of Europe’s largest property deals this year.
Johannesburg-listed landlord Burstone — formerly called Investec Property Fund — announced on Monday it had agreed to sell an 80 per cent stake in its roughly €1bn European logistics portfolio, spanning properties in Germany, France and the Netherlands.
Blackstone has been investing in warehousing space in recent years on the back of a boom in ecommerce, building a vast portfolio of UK and European logistics assets through a steady stream of smaller purchases and a number of major deals.
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