(Reuters) -Blackstone Inc said on Tuesday existing investors in Mileway, its pan-European last mile logistics company, have agreed to recapitalize the firm for 21 billion euros ($23.77 billion).
Existing investors in Mileway, the largest owner of last-mile logistics real estate assets in Europe, have been offered a chance to retain or increase their shareholding, or exit for cash, the company said https://refini.tv/3GQtV67.
The recapitalization is subject to a “go-shop” process, which will commence immediately and will run up to 75 days, Blackstone said.
“Logistics is one of our highest conviction themes globally and the sector continues to prove its resiliency and strong growth potential,” James Seppala, Blackstone’s head of Real Estate Europe, said in a statement.
Mileway has over 1,700 assets across 10 major European countries with a team of over 350 employees across 26 offices, according to the company’s website.
Blackstone said the majority of the capital for the recapitalization would come from existing investors.
($1 = 0.8834 euros)
(Reporting by Bhargav Acharya in Bengaluru; Editing by Sriraj Kalluvila)
