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• Largest non-public actual property transaction ever;
• Recapitalization delivers distinctive worth for Blackstone actual property traders whereas enabling electing traders to keep up long run publicity to one of many agency’s highest conviction themes.
London–(ANTARA/Enterprise Wire)- Blackstone (NYSE: BX) right now introduced that present traders in Mileway, its 14.7 million sq. meter pan-European final mile logistics firm, have agreed to recapitalize the corporate for €21 billion alongside Blackstone’s Core+ technique, and to carry the enterprise for the long run. The recapitalization stays topic to a “go-shop” course of which is able to begin instantly.
Over the previous six years, Blackstone and Mileway’s administration group have grown the corporate into the biggest final mile logistics portfolio in Europe. As we speak it includes over 1,700 high-quality, final mile logistics property, amounting to 14.7 million sq. meters throughout 10 international locations.
In reference to the recapitalization, present Mileway traders have been supplied the chance to retain or improve their shareholding, or exit for money. The big majority of capital for the recapitalization is coming from present traders, demonstrating their sturdy conviction in Mileway and the sector.
James Seppala, Head of Actual Property Europe, Blackstone, mentioned: “Along with the Mileway administration group, we’re proud to have constructed a premier portfolio of European, final mile logistics properties in essentially the most sought-after places. Logistics is certainly one of our highest conviction themes globally and the sector continues to show its resiliency and powerful progress potential. Now we have delivered an amazing end result for our Blackstone actual property traders and stay up for persevering with to create worth for traders in search of Core+ returns over the long run.”
Emmanuel Van der Stichele, CEO, Mileway, mentioned: “Now we have labored carefully with Blackstone to create a coveted final mile logistics portfolio that higher connects our clients to the companies and communities they serve. Blackstone’s ongoing help will allow us to proceed executing on our shared imaginative and prescient for Mileway, Europe’s premier final mile logistics firm, as we implement our price enhancing initiatives and improvement plans in key city places throughout the UK and Europe.”
Morgan Stanley & Co. Worldwide plc has supplied a equity opinion with respect to the consideration to be acquired and Eastdil Secured Worldwide Restricted has supplied an actual property worth equity opinion, in every case to the present traders in reference to the introduced transaction. To additional verify this transaction represents the most effective obtainable end result for the present traders, Blackstone is commencing a “go-shop” course of on behalf of Mileway’s present traders, which will likely be led by Morgan Stanley & Co. Worldwide plc and run as much as 75 days.
BofA Securities, Eastdil Secured Worldwide Restricted, Goldman Sachs Worldwide, Jones Lang LaSalle Restricted, JP Morgan Securities plc, Morgan Stanley & Co. Worldwide plc, and Rothschild & Co are serving as monetary advisors to the present traders. Except Morgan Stanley & Co. Worldwide plc and Eastdil Secured Worldwide Restricted, every of those advisors could also be contacted to help potential bidders within the “go-shop” course of. Simpson Thatcher & Bartlett LLP is serving as authorized advisor to Blackstone.
About Blackstone Actual Property
Blackstone is the biggest proprietor of business actual property globally. Blackstone’s actual property enterprise was based in 1991 and has $279 billion of investor capital underneath administration. Blackstone is the biggest proprietor of business actual property globally, proudly owning and working property throughout each main geography and sector, together with logistics, residential housing, workplace, hospitality and retail. Our closed-ended funds search to amass undermanaged, well-located property internationally. Blackstone’s Core+ enterprise invests in considerably stabilized actual property property globally, via each institutional methods and methods tailor-made for income-focussed particular person traders together with Blackstone Actual Property Revenue Belief, Inc. (BREIT), a U.S. non-listed REIT, in addition to Blackstone’s European technique tailor-made for non-U.S. particular person traders. Blackstone Actual Property additionally operates one of many main world actual property debt companies, offering complete financing options throughout the capital construction and threat spectrum, together with administration of Blackstone Mortgage Belief (NYSE: BXMT).
About Mileway
Contacts
Media
Louis Clark
+44 7867 930156
Alexandra Ritterman
+44 7778 487939
Supply: Blackstone
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