(Bloomberg) -- Prologis Inc. has bid more than 21 billion euros ($23 billion) for Blackstone Inc.’s Mileway logistics warehouse company in Europe, according to people familiar with the matter.

The people asked not to be identified because the offer for Mileway is private. An agreement hasn’t been reached and discussions could end without one.

Representatives for Prologis and Blackstone declined to comment. The offer was reported earlier by React News. 

Last month, Blackstone said that it had reached a deal to recapitalize the European last-mile logistics company at a valuation of 21 billion euros and that it would begin a go-shop process. Warehouses that help cut delivery times for food and goods have been in demand in the real estate sector. 

Prologis, led by Chief Executive Officer Hamid Moghadam, has grown in part through acquisitions of smaller rivals including Liberty Property Trust, Industrial Property Trust and DCT Industrial Trust.

The San Francisco-based company’s market value stood at $118 billion as of Monday’s close.

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