InfraRed inks £250m portfolio sale
InfraRed Capital Partners has sold a portfolio of last-mile logistics assets in the UK and France to Blackstone real estate funds for £250m.
The 2.2m sq ft of warehousing space across 50 properties will be incorporated into Blackstone’s pan-European platform, Mileway.
The UK assets make up the bulk of space at 1.6m sq ft, located mainly in the North West, close to Manchester, Liverpool, Leeds and Sheffield.
InfraRed Capital Partners has sold a portfolio of last-mile logistics assets in the UK and France to Blackstone real estate funds for £250m.
The 2.2m sq ft of warehousing space across 50 properties will be incorporated into Blackstone’s pan-European platform, Mileway.
The UK assets make up the bulk of space at 1.6m sq ft, located mainly in the North West, close to Manchester, Liverpool, Leeds and Sheffield.
Tenants include Amazon, Hermes, FedEx, Royal Mail and Just Eat.
InfraRed bought the properties in 2018 and 2019 and refurbished them, expanding the space with new development.
The purchase has seen Mileway’s portfolio in the UK swell to around 47m sq ft of space, across more than 685 properties. In Europe it owns and manages more than 1,500 properties across 10 cities.
The company launched in September 2019, and in 2020 alone it acquired over €3bn of real estate and has already added €1.3bn this year.
Andreas Katsaros, fund manager of IRAF IV said: “Over the course of the past year, the impact of Covid-19 has further boosted the development of the last-mile logistics sector. This has allowed us to crystallize exits across the UK and France earlier than anticipated.”
Emmanuel van der Stichele, CEO of Mileway, added: “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.”
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