Blackstone Inc. bought a portfolio of 124 logistics properties from Cabot Properties Inc. for $2.8 billion, the private equity company's latest wager on warehousing in Europe and the U.S.
None of China Cash Flowed Through the Congo Bank to Former President's Cronies
According to a statement Tuesday, the sales included 102 properties in the U.S. and 22 in the U.K., Germany and the Netherlands. The two deals total 17.4 million square feet or 1.6 million square meters of space.
Warehouses are one of the biggest bets of Blackstone, with the firm banking on continued demand and rising rents for properties that cut delivery times for booming e-commerce firms. Demand for space has soared as more people shopped online rather than in stores because of the pandemic.
Blackstone has led a wave of investment in logistics properties over the past decade. In 2012, it established Logicor, a large warehouse business that it later sold to China Investment Corp. in 2017 for nearly 12.3 billion euros $13.9 billion. The logistics sector continues to benefit from strong tailwinds, according to David Levine, senior managing director at Blackstone Real Estate.
The US properties were acquired by Blackstone Real Estate Income Trust Inc., a non-traded REIT. The European Core business acquired the European properties.
None of the Wildfires Are Worse, and One Chemical Company is Reaping the Benefits.