Indurent Launched as Warehouse Property Company

1st July 2024

Logistics BusinessIndurent Launched as Warehouse Property Company

Indurent, a developer and operator of industrial and logistics space, launched today by bringing together specialist multi-let industrial property company, Industrials REIT, and logistics developer and manager, St. Modwen Logistics.

The newly integrated business, which is owned by investment funds managed by Blackstone, and led by chief executive Julian Carey (pictured) and an experienced leadership team drawn from both businesses, has a portfolio comprising more than 27 million sq ft of industrial and logistics space. This ranges from urban light industrial units and ‘last-mile’ delivery facilities to mid and big-box developments utilised for national distribution, production, or manufacturing.

Indurent is one of the U.K.’s largest owners of logistics property and has an established footprint across all the U.K.’s major cities, as well as a diverse customer base of more than 2,000 businesses, ranging from local traders and SMEs to global blue-chip corporates.

Indurent and its occupiers will benefit from Industrials REIT’s market-leading ‘Hive’ technology platform, which supports direct marketing to customers and a frictionless occupier experience to help drive customer satisfaction and reduce vacancy periods. This will be combined with the development capability and considerable land bank of St. Modwen Logistics, which delivered c.4 million sq ft of space in the past two years.

The new Indurent management team also includes Tom Olsen (Chief Financial Officer), James Cooper (Head of Investment), Lee Nash (Head of Development) and Sarah Bellilchi (General Counsel). The business will operate from offices in both London and Stockport.

Julian Carey, CEO of Indurent, said: “This is an incredibly exciting milestone which brings together a market-leading customer focused operating platform and proven development capability to create Indurent, a fully integrated industrial and logistics company that can support our customers at all stages of their lifecycle. An undersupply of industrial and logistics space in key locations means we have an exciting opportunity to establish a truly national platform that will help businesses access the space they need. With Blackstone’s support, we are well placed to deploy capital where we see attractive acquisition opportunities and deliver on our ambitious development pipeline.”

James Seppala, Head of European Real Estate, Blackstone, said: “U.K. logistics is a high conviction theme for Blackstone given the exceptionally favourable long-term fundamentals in the sector. As the market continues to evolve and mature, Indurent’s outstanding team and best in class approach to customer service across an expanded portfolio puts it in the best position for this next phase of growth.”

Since acquiring St. Modwen and Industrials REIT in 2021 and 2023 respectively, Blackstone has invested well over £2bn in the logistics businesses.

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