An investment of USD 23 billion?
According to Reuters’ sources, the biggest bid for a takeover in real estate is underway. Prologis, currently the global developer and owner of logistics property with the largest warehouse portfolio worldwide, was said to have launched a bid to buy Blackstone's division of logistics properties, Mileway.
The Financial Times said that Prologis has made a non-binding offer of about EUR 21 billion (USD 23 billion). Blackstone launched Mileway in 2019 to run the more than 1,000 logistics facilities the private equity firm acquired to build up its last-mile business to deliver goods to tenants in its properties.
Of about 20 prospective buyers approached by Morgan Stanley, the bank managing the transaction process, eight looked into Mileway in detail, but only Prologis submitted a non-binding bid, the Financial Times reported. Blackstone and Prologis declined to comment.
The first stone was thrown by Blackstone, though. Last month, the private equity firm announced plans to recapitalise Mileway, providing a chance to existing investors in the logistics company to retain or increase their shareholding, or exit for cash. (cd)