CPP Investments commits €400m alongside Blackstone in French last-mile logistics platform

CPP Investments has committed €400m to acquire a significant minority stake in Proudreed, in a co-investment alongside funds managed by Blackstone.

The transaction gives the Canadian pension giant immediate scale in a segment of European real estate where new supply has been structurally constrained for years.

For CPP Investments, which manages a fund totalling C$780.7bn (approximately $570bn) as of 31 December 2025, the deal slots into a broader playbook of accessing thematic real estate sectors at scale through partnerships with experienced operating sponsors.

The pension fund has repeatedly favoured this model over building exposure asset by