Blackstone can afford to play hardball with Prologis over the latter’s 21 billion euro bid for Mileway, writes aimeedonnellan
Prologis, the world’s biggest warehouse owner, has launched a bid to buy Blackstone’s portfolio of logistics properties in what would be the largest ever private real estate deal.
Prologis made a non-binding offer of a little over 21 billion euros for Mileway, the Financial Times reported on March 21. The offer was first reported by property publication React. Blackstone launched Mileway in 2019 to operate city-centre warehouses, leased to delivery groups such as Amazon.com. It now operates nearly 2,000 assets.
In February, Blackstone announced plans to recapitalise Mileway in a deal that valued the group at 21 billion euros, and allowed some existing investors to cash out, or to stay invested alongside Blackstone. As part of that deal, Morgan Stanley also approached prospective buyers, although Prologis is the only party to have submitted a bid, according to the FT.A forklift is seen in a warehouse of BSH Electromenager in Tournan en Brie, southeast of Paris, France, October 26, 2017.
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