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.