Blackstone Group LP-managed real estate funds and M7 Real Estate agreed to buy a £320 million portfolio of U.K. light industrial assets from InfraRed Capital Partners.

The investment manager sold the portfolio on behalf of its Active Real Estate Fund III.

The portfolio contains 40 properties, spanning an aggregate 4.5 million square feet of light industrial space. The assets are mainly concentrated in the North West and the Midlands along the M6 corridor.

Dowley Turner Real Estate, Osborne Clarke and Taylor Wessing advised InfraRed on the deal.