Cain lands £420m Blackstone loan for logistics portfolio

Cain International has gained a £420m loan from Blackstone, which will finance the logistics portfolio it bought earlier this year. Firethorn Trust sold its UK portfolio to Cain for £550m last month, marking the private investment firm’s first foray into the market. The firm plans to double its portfolio size to at least £1bn in the next 12 to 18 months. The acquisition consisted of seven sites totalling some 3.3m sq ft, including two new-builds and five consented sites that Firethorn will develop and manage. Daniel Harris, senior managing director and head of European investment for Cain International, said: “We acquired this portfolio because its scale and quality strongly aligned with our ambition to grow our reach in the UK logistics sector in a meaningful and strategic way. “Working with a partner of Blackstone’s calibre is a strong endorsement of this approach and we look forward to working with the team there and with Firethorn Trust on the delivery of this portfolio in the coming 12 months.” To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews