Blackstone/Mileway £804m UK logistics portfolio refinanced via £500m CMBS

The Sirius Logistics 2026-1 UK DAC was the first European CMBS to close in 2026, securitising a large portion of an £804 million loan backed by 124-126 last-mile industrial and logistics properties spread across the UK. The portfolio is nearly fully occupied at approximately 90% and includes a diversified tenant base across prime logistics locations. The transaction expanded from its launch size of £375 million to £500 million due to strong investor demand. Mileway, the Blackstone-affiliated last-mile logistics platform, is the borrower. The loan was jointly arranged and provided by Bank of America, Standard Chartered, and Wells Fargo. Standard Chartered also served as CMBS co-arranger, loan seller, risk retention provider, and liquidity facility provider. The £804 million loan was securitised at 60% LTV. The CMBS itself closed at £500 million with a weighted average margin of 154 basis points, the tightest sterling CMBS pricing since the pandemic, reflecting strong investor confidence in UK industrial real estate.