Private equity giant Blackstone has acquired an 80% stake in a European warehouse portfolio managed by Burstone, marking the latest move by the US investment manager into the booming warehouse sector fuelled by the rise of e-commerce, according to a report by Reuters.
Burstone, a Johannesburg-listed company which was previously Investec’s property fund, announced the sale of the controlling interest in its €1.1bn ($1.2bn) logistics portfolio, which spans seven countries, including Germany, France, and the Netherlands. Burstone will receive immediate cash proceeds of €250m from the transaction, which it plans to use for further business expansion. Despite selling the majority stake, Burstone will retain a 20% interest in the portfolio, with its European team continuing to manage the assets.
This acquisition is part of Blackstone’s broader strategy to expand its presence in the European logistics market. The firm has made several investments in the sector, including its involvement in Mileway, a last-mile logistics company that Blackstone and its existing investors recapitalised in 2022.
