Blackstone Sells Nearly 14M SF of Industrial Properties for $3.1B
Blackstone’s industrial real estate portfolio comprises $175 billion in asset value worldwide with $100 billion of that in North America.
Recently the firm has decided to sell $3.1 billion in assets totaling 14M SF. The purchaser, Prologis, has had a strong relationship with the firm citing transactions over the past 11 years. This acquisition is being paid for in all-cash, with Prologis’ decision to “mark-to-market” rents, increasing the in-place cap rate from 4% to 5.75%.
This sale covers several markets “including Atlanta, Baltimore/Washington DC, California (Southern California, Central Valley, SF Bay Area), Dallas, Las Vegas, New York/New Jersey, Phoenix and South Florida.”
Blackstone’s unwavering commitment to the logistics asset class remains steadfast, as it constitutes approximately 3% of their North American holdings, with Nadeem Meghji, head of Blackstone Real Estate Americas, affirming it as a “high conviction theme” for the company.
Recently the firm has decided to sell $3.1 billion in assets totaling 14M SF. The purchaser, Prologis, has had a strong relationship with the firm citing transactions over the past 11 years. This acquisition is being paid for in all-cash, with Prologis’ decision to “mark-to-market” rents, increasing the in-place cap rate from 4% to 5.75%.
This sale covers several markets “including Atlanta, Baltimore/Washington DC, California (Southern California, Central Valley, SF Bay Area), Dallas, Las Vegas, New York/New Jersey, Phoenix and South Florida.”
Blackstone’s unwavering commitment to the logistics asset class remains steadfast, as it constitutes approximately 3% of their North American holdings, with Nadeem Meghji, head of Blackstone Real Estate Americas, affirming it as a “high conviction theme” for the company.
Original Publication Credit: Globest
Image Credit: Prologis
