InfraRed sells last-mile logistics portfolio to Blackstone for £250m

InfraRed sells last-mile logistics portfolio to Blackstone for £250m

InfraRed Capital Partners Limited has sold a portfolio of last-mile logistics assets in the UK and France to Blackstone real estate funds for £250m (€290m), on behalf of its InfraRed Active Real Estate Fund IV (IRAF IV).

The assets will be incorporated into Mileway, Blackstone’s pan-European last mile logistics platform.

The portfolio comprises 2.2m sq ft of warehousing space across 50 properties in the UK and France. The UK portfolio, totaling circa 1.6m sq ft, is located mainly in the North West near the metropolitan areas of Manchester, Liverpool, Leeds and Sheffield.

The French portfolio is entirely located in the Greater Paris region within well-established industrial hubs such as Malakoff, Massy, Palaiseau and Choisy.

“During our two-and-a-half year holding period, we have significantly grown the UK portfolio by developing around 270,000 sq ft of warehouses. We are particularly pleased with our partnership with Network Space, who acted as our development and asset manager. Leveraging our highly localised sourcing network across the UK, we also made a number of accretive bolt-on acquisitions adding a further 375,000 sq ft. We expect to remain very active in the sector and are looking to acquire further assets throughout 2021 for both IRAF IV and our dedicated Urban Logistics Income Fund,” said Dean Harrison, Investment Director (UK), Real Estate at InfraRed Capital Partners.

“We’re delighted to have secured these exceptional last mile assets from InfraRed. A key priority for Mileway has been building a market-leading in-house transactions team which has helped us establish a reputation as purchaser of choice among vendors. This transaction further strengthens Mileway’s portfolio as we continue to support our customers, helping them advance their businesses and meet the evolving needs of consumers,” said Emmanuel van der Stichele, CEO of Mileway.