Blackstone Mileway has priced its inaugural EUR benchmark senior unsecured corporate bond, upsizing the transaction from €1 billion to €1.5 billion.
The transaction is understood to have attracted a €3.3 billion order book, pointing to strong demand from a diversified global institutional investor base. The EUR benchmark means it has been benchmarked against interest rates for euro loans.
Mileway priced €850 million of 4-year bonds at a spread of 105 basis points and €650 million of 7-year bonds at a spread of 143bps.
The issuance demonstrates broad investor confidence in Mileway’s portfolio but also the continued resilience of the European logistics sector.
Mileway is the largest owner and operator of last-mile logistics in Continental Europe with a €12.3 billion portfolio across nine countries and approximately 5,000 leases as of December 2025.
The transaction aims to improve funding flexibility and provide a simplified capital structure for Mileway. It relates to Mileway's Continental European logistics platform and does not include the UK logistics portfolio.
Mileway EUR Lux Holdco mandated Citi, Goldman Sachs International and JP Morgan as global coordinators and bookrunners, alongside BNP Paribas, BofA Securities, Crédit Agricole CIB, ING, RBC Capital Markets, Standard Chartered Bank and Wells Fargo Securities as joint bookrunners to arrange a series of fixed income investor calls beginning on 6 July 2026.
The refinancing sees existing secured debt transferred to unsecured debt via the bond markets. It is likely the first in a series that will be rolled out as part of its EMTN (Euro Medium Term Note) programme and will ultimately reach around €6 billion.
Mileway Europe’s EMTN programme enables the company to issue senior unsecured benchmark bonds, including concurrent euro 4-year and 7-year note tranches to access diversified, long-term capital across European markets.
The notes would be fully and unconditionally guaranteed by Mileway EUR Lux Bidco S.à r.l and used for repayment of existing indebtedness, transaction costs and expenses and general corporate purposes. Goldman Sachs International is coordinating.
CoStar News revealed that Blackstone had refinanced its Mileway logistics platform with €7.5 billion of debt from existing and new lenders in December 2023. When Mileway was recapitalised early in 2022, it was valued at around €21 billion.
It has turned to the CMBS markets to finance its UK Mileway assets. In June CoStar News revealed that Barclays Bank was launching UK Logistics 2026-2, a commercial mortgage-backed securitisation backed by a £648.8 million loan it is advancing to Blackstone's Mileway to refinance a portfolio of UK logistics assets.