US-listed Rexford Industrial Realty has agreed to sell a $1.2bn (€1.03bn) industrial portfolio to an affiliate of EQT Real Estate as part of its ongoing $2bn non-core disposition plan.
Rexford Industrial said the deal brings its year-to-date asset sales to $1.5bn, in line with its full-year disposition target of $1.5bn to $2bn, adding that it remains in negotiations on additional disposition opportunities.
The NYSE-listed firm said net proceeds from the sale of the infill Southern California properties will be recycled into paying down 2027 debt maturities, funding share buybacks and fueling higher-yielding redevelopment projects.
Laura Clark, CEO, said: “This transaction is a significant step in our portfolio realignment and underscores our disciplined approach to capital allocation.
“By strategically recycling capital from select non-core assets, we are concentrating our portfolio around the properties we believe offer the strongest long-term cash flow growth and value creation opportunity. The result is a stronger, more focused Rexford with enhanced financial flexibility, better positioned to deliver long-term shareholder value.”
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