In Q4 2020, Prologis completed the sale of its ‘Platform Portfolio’ to Blackstone for £473 million. This transaction was the largest sale of logistics real estate assets on record in the UK. The majority of assets within the ‘Platform Portfolio’ were acquired from Liberty Property Trust during Prologis’ acquisition of the company in February 2020.
The ‘Platform Portfolio’ comprised approximately 4.3 million square feet of buildings as well as approximately 31 acres of consented development land in the UK:
- 22 stand-alone buildings totaling 4.3 million square feet located principally in The Midlands, England, as well as South West and North West England;
- Approximately 31 acres of consented development land in Staffordshire and Widnes, England.
”This transaction effectively completed our efforts to realign our UK portfolio with our long-term investment strategy and focus on urban, Last Touch® properties located near consumers,” said Paul Weston, senior vice president, regional head, UK, Prologis. “The outcome achieved demonstrates the strength of the logistics sector as an investment asset class.”