BPPEH Acquires U.K. Logistics Portfolio
BPPEH has acquired a portfolio of 22 logistics properties in the U.K. for a gross purchase price of £473 million. The acquisition is consistent with BPPEH’s focus on acquiring high quality logistics assets in key European distribution corridors and marks BPPEH’s first acquisition in the U.K.
The portfolio is comprised of Grade-A warehouses totalling 4.3 million square feet and two consented land plots, which are well-located across key distribution corridors within the U.K., including the Midlands and the Golden Triangle. The portfolio is 90% leased on a 4-year average lease term (to break) primarily to blue chip corporates and third party logistics companies.
Blackstone Property Partners Europe Holdings S.à r.l. (“BPPEH”) invests in high-quality, substantially stabilised real estate assets across Europe. Investments are concentrated in the logistics, residential and office sectors, with a focus on major European markets and key gateway cities. BPPEH is 100% owned by Blackstone Property Partners Europe.