M Core completes €2.3 billion sale of French industrial platform to Blackstone
"This transaction validates the quality of the portfolio our teams have built in France over many years. Proudreed was a high-performing platform with strong occupancy, a deep development pipeline, and a management capability that Blackstone recognised as a core part of its value. We are proud of that. The proceeds will be reinvested purposefully across Europe and the UK as we continue to grow our collective."
M Core announces the completion of its sale of Proudreed, its French industrial platform, to funds managed by Blackstone, in a transaction valued at €2.3 billion. The deal represents one of the largest industrial real estate transactions in recent years in France.
The sale encompasses approximately 500 industrial and logistics assets across France, totalling around two million square metres, together with the Proudreed management platform and brand. The portfolio has a 92% occupancy rate and includes 67 secured development projects, reflecting the operational strength built over the platform's history.
The Proudreed platform was built by M Core over many years through disciplined acquisition, active asset management, and a focus on multi-let logistics and business park assets in high-demand urban locations. Approximately 50% of the assets are located in Paris, Lyon, and Marseille, serving a diversified occupier base across last-mile and light industrial uses. The management platform's track record and operational capability were central to Blackstone's acquisition rationale.
Sebastian Macdonald-Hall, Chief Investment Officer (Europe) of M Core, said:
"This transaction validates the quality of the portfolio our teams have built in France over many years. Proudreed was a high-performing platform with strong occupancy, a deep development pipeline, and a management capability that Blackstone recognised as a core part of its value. We are proud of that. The proceeds will be reinvested purposefully across Europe and the UK as we continue to grow our collective."
Following the completion of the sale, the majority of the proceeds will be reinvested across M Core's UK and European footprint, supporting growth across its retail, industrial, and logistics asset classes.
"This transaction validates the quality of the portfolio our teams have built in France over many years. Proudreed was a high-performing platform with strong occupancy, a deep development pipeline, and a management capability that Blackstone recognised as a core part of its value. We are proud of that. The proceeds will be reinvested purposefully across Europe and the UK as we continue to grow our collective."
