CPP Investments partners with Blackstone for Proudreed stake

The Canada Pension Plan Investment Board (CPP Investments) has committed €400 mln to co-invest in French urban logistics platform Proudreed.

Bobigny - Proudreed

This deal, executed alongside funds managed by Blackstone, secures a substantial minority stake for CPP Investments.

Proudreed manages roughly 1.6 million m2 of light industrial and last-mile logistics assets throughout France.

Around 50% of the assets are situated in high-demand urban hubs, including Paris, Lyon, and Marseille.

The platform features a development pipeline of 67 projects with over 500,000 m2, which could expand the total portfolio to 2.2 million m2.

The assets support a varied tenant base and are managed by Proudreed’s specialist in-house team.

Thomas Jackson, head of Real Estate Europe at CPP Investments, commented: “This investment gives us immediate scale in one of Europe’s most supply-constrained last-mile urban logistics markets. Proudreed combines a high-quality, diversified portfolio with strong embedded rental growth potential. Our longstanding partner Blackstone brings strong experience supporting the building and scaling of logistics platforms across Europe, contributing to our strategy to access high conviction, thematic sectors, at scale.”

James Seppala, head of European Real Estate at Blackstone, added: “Proudreed’s exceptional management team have built a high-quality portfolio and one of France’s leading logistics platforms, and we are pleased to partner with CPP Investments to continue scaling the business and capturing the strong demand for last‑mile logistics across the country.”

Proudreed recently completed a major transaction with Blackstone, covering a portfolio of over 500 industrial assets and development sites, spanning 2.2 million m2 across France and targeting an annual delivery of up to 120,000 m2.