This transaction was carried out through its fund Mileway, specialised in the sector, and it concerns a logistic portfolio which includes a total 13.000 sqm of logistic units located in 4 different locations: Pinto (Madrid), San Vicent del Hors (Barcelona), Ribarroja (Valencia) and Elgoibar (Guipuzco). Each unit has around 3.250 sqm.
According to sources heard by newspaper El Confidencial, this was a sale &leaseback operation and the transportation company will continue operating the units for a minimum of 8 years. Thus, Blackstone guarantees the assets’ immediate revenues which should be around 7%.
For giant Blackstone – which was advised by CBRE on this operation –, this transaction fits the logistic expansion plan for the country conceived last year, when it created vehicle Mileway.
This is not the first operation the American company carries out in the country using this vehicle, since last May it concluded the purchase of a 5.645 sqm logistic unit in Seville occupied by Pansur.
Mileway was created last September with 9 million sqm in assets, estimated at 8 billion euro, which Blackstone acquired throughout the years.