Blackstone has bought Prologis’ Platform portfolio for £473m in the largest UK warehouse investment sale on record. Mishcon de Reya’s Real Estate Finance team acted for PGIM who finance several of the warehouses which Blackstone purchased from Prologis and committed to continuing to support the portfolio post-acquisition.
The Platform portfolio comprises 4.3m sq ft of industrial space across 22 standalone units in the UK let to tenants including Screwfix, Cadbury, Wincanton, Siemens, Fujitsu, Scottish Power and Tesco. The portfolio also includes approximately 31 acres of consented development land across England and 31 acres of consented development land in Staffordshire and Widnes. Prologis acquired the portfolio as part of its $12.6bn (£9.72bn) purchase of Liberty Property Trust in late 2019.
The Mishcon team comprised Real Estate Finance Legal Director Sarah Spurling, Associate Laura Ogden and Trainee Lily Davies, Real Estate Partner Anju Suneja, Associate Heather MacIntosh and Trainee Becca Jones, Head of Real Estate Tax Jonathan Legg and Associate Jade Duggan.