Blackstone’s Indurent Explores London Listing or Sale in New Exit Move
Quick Reads
- Blackstone, the world’s largest alternative asset manager, is testing investor appetite for a potential stock market listing or full sale of Indurent its UK warehouse and logistics business.
- The firm built a similar warehouse empire in Europe called Logicor, sold it for $13.8 billion, then did it again with Mileway at a $24 billion valuation.
- The LSE has struggled to attract big listings this year, with only two new floats in the first quarter of 2026.
Blackstone-owned Indurent has begun early investor engagement as the US private equity giant weighs a potential London listing or outright sale of the UK’s largest industrial and logistics property platform, according to people familiar with the matter.
The Indurent London listing discussions mark the first formal steps toward an exit for a business that Blackstone has assembled through more than £2 billion in investment since acquiring St Modwen and Industrials REIT in 2021 and 2023 respectively.
Merged under the Indurent banner in 2024, the platform spans more than 27 million square feet of space across over 200 properties, serving more than 2,000 businesses ranging from local SMEs to global blue-chip companies. Its portfolio covers urban light industrial units, last-mile delivery facilities, and big-box distribution centres spread across all of the UK’s major cities.
The move fits a well-worn Blackstone playbook.
The firm previously assembled Logicor, a European logistics real estate empire, before selling it to China Investment Corporation for $13.8 billion in 2017. It followed that with Mileway, Europe’s largest last-mile logistics company, recapitalized at $24 billion in 2022 the largest private real estate deal in history.
Indurent CEO Julian Carey has consistently highlighted the long-term appeal of UK logistics, with the company adding more than £1 billion in acquisitions in 2024 alone, including a £200 million portfolio of 18 multi-let and mid-box assets in Leeds, Manchester, Reading, and Birmingham. A technology layer called Hive underpins its leasing operations, reducing vacancy periods and improving the occupier experience across the portfolio.
Blackstone President Jon Gray has called 2026 the year of the IPO, with the firm filing for nine companies globally. An Indurent London listing would carry real weight for an LSE that has seen two new listings this year. No timeline has been set.
