Mileway completes deal for Investcorp industrial portfolio

Blackstone’s European last-mile logistics platform Mileway has completed its £53.5m deal to acquire seven UK industrial properties from Bahrain-listed investment manager Investcorp. The portfolio measures a combined 692,000 sq ft and provides industrial, warehouse and distribution space across three single-let buildings and four multi-let estates. The properties are located in Glasgow, Edinburgh, Liverpool, Warrington, Leeds, South Elmsall, and High Wycombe. Investcorp acquired the portfolio in 2017. During its ownership, Investcorp boosted its overall occupancy from 88% to 96% at the time of exit. Since Investcorp expanded its real estate platform to Europe in 2017, it has acquired around £200m of industrial and logistics assets in the UK with a combined area of around 2.8m sq ft across 28 assets. Neil Hasson, managing director and head of Investcorp European real estate, said: “This transaction underscores our ability to identify attractive properties in a growing, resilient sector and successfully execute on our thesis to create value through active asset management.  “Our conviction in industrial and logistics real estate remains as strong today as when we launched our European real estate strategy in 2017.   “We expect to continue being highly active buyers in this space as we work through an attractive pipeline of new investment opportunities.  We will also continue to seek to realise value from the robust portfolio we have strategically assembled over the last three years.” Gerald Eve advised Mileway on the deal, while Savills acted for Investcorp. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette