US logistics giant Prologis has closed on the $618 million sale of a portfolio of buildings and land in the UK to real estate funds managed by Blackstone.
The sale represents the largest logistics real estate assets deal on record in the UK.
The majority of the assets were acquired from Liberty Property Trust upon Prologis’ acquisition of the company in February 2020.
The portfolio comprises approximately 4.3 million square feet of buildings and approximately 31 acres of consented development land across England:
22 stand-alone buildings totaling 4.3 million square feet located principally in the Midlands, as well as in the South West and North West.
Approximately 31 acres of consented development land in Staffordshire and Widnes.
“This transaction completes the realignment of our UK portfolio with our long-term investment strategy in key distribution locations in the Midlands and the South East, along with our focus on urban Last Touch properties in London,” said Paul Weston, senior vice president, regional head, Prologis UK.
“The outcome demonstrates the strength of the logistics sector as an investment asset class.”
DLA Piper advised Prologis on the sale. The US-based team was led by partner Andrew Weil, with partners Cristina Houston, Lisa Jacobs and Matthew Gorra and associates Brendan Kelly and Shailynne Swain.