Logistics, Blackstone launches Proxity platform

Blackstone has announced the launch of Proxity, a new pan-European logistics operator and developer. The new logistics platform aims to provide high-quality and flexible solutions to a diverse customer base in Europe's most dynamic metropolitan regions.

Proxity will initially include a portfolio of approximately 500 buildings and logistics development areas, totalling more than 7 million sqm of leasable space, owned by real estate funds managed by Blackstone. The company is expected to be fully operational by 2026.

"Logistics is one of the investment themes in which we have the most confidence globally," said James Seppala, head of real estate Europe at Blackstone. The creation of Proxity is further testament to Blackstone's conviction and our funds' ability to invest capital in fragmented markets to build a scalable logistics platform capable of capitalising on growing and evolving demand."

"As global e-commerce and supply chain trends continue to drive occupier demand," added Guido Piñol, CEO of Proxity, "we are excited about the opportunity to create a truly pan-European platform that provides customised logistics solutions to its customers. With Blackstone's support, we are in an ideal position to invest capital and drive growth, including through our ambitious development programme'.

Headquartered in Frankfurt and led by CEO Guido Piñol, the new company will operate in the main markets of continental Europe, the Nordic countries and Ireland, with the aim of expanding its portfolio in both existing and new markets in line with its growth strategy.