In what is being billed as the largest private real estate transaction ever, Blackstone’s pan-European last mile logistics real estate company Mileway, is to be recapitalised to the tune of €21 billion.
Existing investors in the company which has a portfolio of 14.7 million sq m, have agreed to recapitalise the company for €21 billion alongside Blackstone’s Core+ strategy, and to hold the business for the long term.
Blackstone and Mileway’s management team has expanded the company to become the largest last-mile logistics portfolio in Europe.
It currently comprises over 1,700 high-quality, last-mile logistics assets across 10 countries. Mileway’s largest markets include the UK, Germany, the Netherlands, Sweden and France, and it has a significant presence in Denmark, Italy, Spain, Finland and Ireland. Mileway has a team of over 350 employees across 26 offices.
Existing Mileway investors were offered the opportunity to retain or increase their shareholding, or exit for cash. The large majority of capital for the recapitalisation is coming from existing investors who have demonstrated a strong conviction to Mileway and the last-mile logistics sector, the firm said.
“Blackstone’s ongoing support will enable us to continue executing on our shared vision for Mileway,” Mileway CEO Emmanuel Van der Stichele.