Blackstone has completed the merger of its industrial and logistics businesses Industrials REIT and St Modwen Logistics to create a new I&L business called Indurent.
The business, which will be led by chief executive Julian Carey, has a portfolio comprising more than 27m sq ft of industrial and logistics space.
The new Indurent management team also includes chief financial officer Tom Olsen, head of investment James Cooper, head of development Lee Nash and general counsel Sarah Bellilchi. The business will operate from offices in London and Stockport.
Carey (pictured) said: “This is an incredibly exciting milestone which brings together a market-leading customer focused operating platform and proven development capability to create Indurent, a fully integrated industrial and logistics company that can support our customers at all stages of their lifecycle.
“An undersupply of industrial and logistics space in key locations means we have an exciting opportunity to establish a truly national platform that will help businesses access the space they need. With Blackstone’s support, we are well placed to deploy capital where we see attractive acquisition opportunities and deliver on our ambitious development pipeline.”
James Seppala, head of European real estate at Blackstone, added: “UK logistics is a high conviction theme for Blackstone given the exceptionally favourable long-term fundamentals in the sector. As the market continues to evolve and mature, Indurent’s outstanding team and best in class approach to customer service across an expanded portfolio puts it in the best position for this next phase of growth.”
