Blackstone has agreed to acquire a €2bn ($2.3bn) portfolio of French warehouses, further strengthening its dominant position in European logistics real estate.

The portfolio, purchased from Proudreed, spans 2.3 million square metres of urban warehouses located in France’s largest cities, alongside land earmarked for development, according to people familiar with the deal.

Logistics assets now account for more than half of Blackstone’s European property holdings. The New York-based private equity giant began building exposure to the sector more than a decade ago, capitalising on the e-commerce boom that has driven rents and valuations higher.

The transaction underscores Blackstone’s continued conviction in warehouses as its largest European property strategy. Neither Blackstone nor Proudreed provided comment on the deal, which was first reported by Green Street News.

If you think we missed any important news, please do not hesitate to contact us at news@pe-insights.com.

Can`t stop reading? Read more.