LOGOS Property Pty Ltd. (Logos Property Group) is understood to have hired Moelis & Company (NYSE:MC) as part of its efforts to buy Milestone Logistics Group of The Blackstone Group Inc. (NYSE:BX). The move comes as the New York buyout fund runs a dual track process for the portfolio, with Morgan Stanley and JPMorgan working on plans for an initial public offering, slated to be between $1.2 billion and $1.5 billion. Blackstone plans to retain about 45% of the business.

At the same time, JLL and Eastdil Secured are testing the appetite of portfolio buyers in a trade sale process that will see bids land some time at the end of March 2021 or early April 2021. Logos is believed to be vying for the business along with a long list of other contenders. One source said that initially, there were 54 parties in the data room for Milestone Logistics at a time when warehouses remain in strong demand due to pandemic-fuelled online shopping and investors chase high-yielding opportunities amid low interest rates.

One of the other names that has emerged as an interested buyer is ESR Cayman Limited (SEHK:1821). Major Australian-listed commercial property investors such as GPT Group (ASX:GPT), Dexus (ASX:DXS), Charter Hall Group (ASX:CHC), Centuria Capital Group (ASX:CNI), Mirvac Group (ASX:MGR), Stockland (ASX:SGP) and potentially Goodman Group (ASX:GMG) are also expected to be likely contenders, along with major local and global pension and sovereign wealth funds.