Blackstone officially merges warehouse owners to launch Indurent

Blackstone-owned industrial and logistics owners Industrials REIT and St Modwen Logistics have formally combined their businesses to launch Indurent. The move creates one of the UK’s largest owners of logistics properties, with a customer base of more than 2,000 businesses. The newly integrated company, led by chief executive Julian Carey, has a portfolio comprising more than 27m sq ft of industrial and logistics space. This ranges from urban light industrial properties and last-mile delivery facilities to mid and big-box developments used for national distribution, production or manufacturing. Indurent and its occupiers will use Industrials REIT’s Hive technology platform, which supports direct marketing to customers and seeks to enhance the occupier experience. This will be combined with the development capability and landbank of St Modwen Logistics, which has delivered around 4m sq ft of space in the past two years. The Indurent management team includes chief financial officer Tom Olsen, head of investment James Cooper, head of development Lee Nash and general counsel Sarah Bellilchi. The business will operate from offices in London and Stockport. Since acquiring St Modwen and Industrials REIT in 2021 and 2023 respectively in take-private deals, Blackstone has invested more than £2bn in the businesses.  Carey said: “This is an incredibly exciting milestone which brings together a market-leading customer-focused operating platform and proven development capability to create Indurent, a fully integrated industrial and logistics company that can support our customers at all stages of their life cycle.  “An undersupply of industrial and logistics space in key locations means we have an exciting opportunity to establish a truly national platform that will help businesses access the space they need. With Blackstone’s support, we are well placed to deploy capital where we see attractive acquisition opportunities and deliver on our ambitious development pipeline.” James Seppala, head of European real estate at Blackstone, said: “UK logistics is a high-conviction theme for Blackstone given the exceptionally favourable long-term fundamentals in the sector. As the market continues to evolve and mature, Indurent’s outstanding team and best in class approach to customer service across an expanded portfolio puts it in the best position for this next phase of growth.”