Prologis has made a non-binding offer of a little over 21 billion euros ($23.14 billion) for Mileway, according to the report, which cited people familiar with the matter.
Blackstone launched Mileway in 2019 to operate the more than 1,000 logistics assets the private equity firm has bought to build up its last-mile business to deliver goods to tenants in its properties.
Of 20 or so prospective buyers approached by Morgan Stanley (NYSE:MS), the bank managing the process, eight looked seriously at Mileway but only Prologis submitted a non-binding bid, the Financial Times reported.
Blackstone and Prologis declined to comment.
Last month, Blackstone announced plans to recapitalise Mileway, providing a chance to existing investors in the logistics company to retain or increase their shareholding, or exit for cash.
($1 = 0.9076 euros)