06:55 AM EDT, 09/03/2024 (MT Newswires) -- Blackstone (BX) will acquire an 80% interest in Burstone's Pan-European Logistics platform valued at 1.02 billion euros ($1.13 billion), the latter said in a statement Monday.

Johannesburg-listed Burstone will retain a 20% interest in the platform while continuing to manage the portfolio's assets.

The portfolio includes 32 properties in seven countries with the majority in Germany, France, and the Netherlands.

Burstone said it will receive net proceeds of 250 million euros from the proposed transaction.

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