Indurent is a UK-based developer and operator of industrial and logistics warehousing space formed in 2024 through the integration of Industrials REIT and St. Modwen Logistics by investment funds managed by Blackstone. The company traces its operational lineage back over 30 years through its predecessor entities. Industrials REIT evolved from Stenprop, which converted to a UK REIT in 2018 and was acquired by Blackstone in 2023. St. Modwen Logistics originated from St. Modwen Properties, founded in 1966 and acquired by Blackstone in 2021 for £1.3 billion. The combined entity operates as a vertically integrated platform encompassing acquisition, development, and property management functions. The portfolio spans 32 million square feet across more than 230 sites throughout the United Kingdom, encompassing multi-let industrial estates, mid-box warehouses, and big-box distribution facilities. Asset types range from small urban industrial units under 5,000 square feet to large-scale distribution centers exceeding 300,000 square feet, serving supply chain operations linked to e-commerce, manufacturing, and last-mile delivery logistics. The company maintains a development pipeline of 30 million square feet, with approximately 33% holding planning consent, and targets the delivery of 2 million square feet of new space annually. Indurent serves more than 2,500 customers, including local traders, small and medium enterprises, and multinational corporations. The customer base includes Amazon, Herman Miller, AerFin, ProCook, Overclockers, Plant-Ex, N2 Creative, and Sinoboom. The company operates a proprietary technology platform called Hive, which handles digital leasing workflows, tenant onboarding, and portfolio management. The platform processes over 75% of sub-5,000 square foot lettings directly with customers. Portfolio exposure concentrates in the North of England (41.6% of allocated loan value), South East (24.1%), and Midlands (20.6%), with holdings near major transport corridors in Manchester, Leeds, Birmingham, Reading, and London.