Blackstone Adds €2 Billion French Deal to Vast Warehouse Bet

Blackstone Inc. has agreed to acquire a €2 billion ($2.3 billion) portfolio of warehouses in France, doubling down on its biggest bet within European real estate.

The New York-based alternative asset manager will buy the portfolio from Proudreed, one of France’s largest private logistics real estate owners, people with knowledge of the transaction said. The portfolio spans 2.3 million square meters of mostly urban warehouses in France’s biggest cities as well as land for development, they said, asking not to be identified as the transaction is not yet public.