Prologis wants Blackstone's portfolio of logistics properties and has made a non-binding offer of just over €21bn for the 1,700 warehouses owned by Mileway.
Last February, Blackstone announced plans to recapitalize Mileway, the company created by the North American investment fund in 2019 to manage its logistics portfolio, which totals more than 14.7 million square meters in ten European countries. Those plans included a 75-day go-shop period, in which the highest bidders could submit a bid. Of a score of potential buyers approached by Morgan Stanley, the bank managing the process, eight seriously considered Mileway, but only Prologis has submitted a non-binding offer.
The company now has about six weeks to finalize an offer that meets the conditions set by the funds that control Mileway. And if it is successful, the resulting group would lead the last mile in Europe, with almost 108 million square meters of logistics area.
The operation would be the largest private real estate deal in history, surpassing the sale of Logicor to CIC, also by Blackstone, valued at 12,250 million.
In addition, Prologis would recover the properties in the United Kingdom that it sold to the US fund in 2020 for 561 million euros.