Blackstone to set up new mega property company

Blackstone forms a logistics warehouse property giant: Private Equity firm Blackstone will merge the managements of property developers and investors St Modwen and Industrial Reit to create a new company, Indurent, which will boast a 200 property portfolio, Bloomberg reported earlier this week, citing a staff memo. Indurent’s mega portfolio will collectively span some 26 mn square feet, making the company one of the UK’s largest owners of logistics properties. The creation of Indurent could usher in a sale or an IPO, Bloomberg writes.

Blackstone has invested in warehouses properties in the UK, pouring in some GBP 2.1 bn in the development of St Modwen and Industrials Reit. “UK logistics is a high conviction theme for Blackstone given our portfolio’s exceptionally strong performance and favorable long-term fundamentals in the sector,” Seppala said.