Two open-ended Blackstone real estate funds have acquired $2.8bn (€2.4bn) worth of logistics assets from Cabot Properties in separate deals.
The non-listed Blackstone Real Estate Income Trust has bought the US portfolio of 102 properties from the Cabot Industrial Value Fund V fund, while Blackstone’s European Core-plus platform has acquired the fund’s remaining 22 European properties located across the UK, Germany and the Netherlands.
David Levine, senior managing director in Blackstone Real Estate, said: “The logistics sector continues to benefit from strong tailwinds driven by e-commerce. We are excited to expand our relationship with Cabot and continue to grow our global logistics portfolio.
”These high-quality, stabilised assets are perfectly suited for our core-plus vehicles given their strong locations, stable cash flows and long-term growth potential.”
Franz Colloredo-Mansfeld, chairman and CEO of Cabot Properties, said: “The sale of our Value Fund V portfolio completes our most ambitious logistics property investment program over the past 20 years.
Colloredo-Mansfeld said the portfolio was created through 90 transactions, including 24 development projects throughout the US, UK and Europe completed over the past five years.
“We are pleased to have now completed approximately $5bn in three transactions with Blackstone Real Estate over the past four years.”
Pat Ryan, CIO for Cabot’s value-add strategy, said: “We attracted strong interest from the world’s leading investors, reflecting the high quality of the portfolio and the rising demand for purpose-built industrial assets to address critical challenges facing supply chains in major markets across the world.
“Our proven investment strategy is designed to meet the growing tenant demand for this type of space.”
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