AEW and Blackstone acquire $1bn US logistics portfolio from TA Realty fund

A closed-end value-added fund managed by TA Realty has, in two separate transactions, sold a 96-property US logistics portfolio worth $1.04bn (€941m) to AEW Capital Management and Blackstone.

The real estate manger said AEW bought the portfolio’s 28 Texas-based properties and funds managed by Blackstone acquired the portfolio’s 68 properties.

The multi-tenant distribution properties are located across 14 high-growth US markets, TA Realty said, adding that the portfolio contains more than 325 tenants and was 91% occupied as of 1 July 2019.

James Raisides, partner at TA Realty, said: “Aggregating high quality, national industrial portfolios has been a hallmark of our investment strategy for over 30 years.

“The value created for our investors by this transaction further demonstrates our expertise in assembling highly sought-after last mile logistic portfolios.”

Nadeem Meghji, senior managing director and head of real estate Americas at Blackstone, said: “Logistics remains our highest conviction investment theme. The portfolio we are acquiring from TA Realty is another example of last mile logistics assets that will help meet the growing e-commerce demand.”

 

Related images

  • TA Realty

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2572

    Asset class: High Yield Bonds.
    Asset region: Global.
    Size: $200m.
    Closing date: 2019-11-27.

  • QN-2573

    Asset class: Real Estate.
    Asset region: Global.
    Size: CHF 150m.
    Closing date: 2019-12-06.

  • QN-2575

    Asset class: Core Real Estate Muli-Manager Separate Managed Account.
    Asset region: Global.
    Size: CHF 150m.
    Closing date: 2019-12-20.

Begin Your Search Now