The now combined portfolio covers over 27 million sq ft of industrial and logistics space.

The firm will also own a 4 million sq ft land bank acquired by St. Modwen Logistics over the past two years.

Indurent’s portfolio ranges from urban light industrial units and last mile delivery facilities to mid and big-box developments.

Owned by investment funds managed by Blackstone, Indurent will be led by CEO Julian Carey who held the same role at Industrials REIT since June 2023.

Indurent refused to comment when asked as to how many staff would be leaving the organisations as a result of this merger.

It is understood that Sarwjit Sambhi, CEO of St. Modwen Logistics, will continue to lead the remaining St. Modwen Homes and St. Modwen Development businesses.

Blackstone acquired St. Modwen and Industrials REIT in 2021 and 2023 respectively.

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Joining Julian is CFO Tom Olsen, head of investment James Cooper and general counsel Sarah Bellilchi.

Tom and James held these roles at St. Modwen while Sarah was also general counsel at Industrials REIT.

The business will operate from offices in both London and Stockport.

“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,” said Julian.

“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.”