Blackstone Boosts Urban Warehouse Bet With $2.2 Billion Deal (1)

Blackstone Group Inc. agreed to buy a Swedish warehouse portfolio for 18.1 billion kronor ($2.2 billion), as the private equity giant races to build up its urban logistics unit in Europe.

The U.S. investment firm’s Mileway unit acquired the properties from Castellum AB, according to a statement on Friday. The sale price is 20% above the most recent valuation of the 214 assets, which are primarily logistics and light industrial properties in Sweden.

The acquisition of the portfolio will expand Mileway’s presence in Sweden’s largest, fastest-growing markets, Chief Executive Officer Emmanuel Van der Stichele said in the statement. “This ...