Industrial and logistics investment volumes rose to a record $27.2B in Europe last year, and a huge chunk of that has to do with Amazon.

Amazon accounted for more than 23% of all warehouse property space leased in the UK last year and captured 27% of all online shopping sales in the country, the Wall Street Journal reports. In Germany Amazon was even more dominant and captured 40% of all e-commerce sales.

Investors are putting the bulk of their dollars into last mile warehouses, which have become essential to the online delivery game. E-commerce users require warehouse and distribution centers close to dense populations to fulfill same-day delivery services for customers.

Last week Blackstone Group followed the trend, partnering with M7 Real Estate to buy a portfolio of last mile warehouses in the Netherlands and Germany for just under $1.4B from Hansteen Holdings.