Cabot Properties Sells Logistics Portfolio to Blackstone for $2.8 Billion
November 30 2021 - 12:25PM
Dow Jones News
By Maria Armental
Cabot Properties Inc. is selling its logistics portfolio to
Blackstone Inc. for $2.8 billion, the companies said Tuesday.
Blackstone Real Estate Income Trust Inc. bought the U.S.
portfolio, which includes 102 properties; and Blackstone's European
Core+ business and affiliates bought the remaining European
properties, which include 22 properties.
"The sale of our Value Fund V portfolio completes our most
ambitious logistics property investment program over the past 20
years," Cabot Chief Executive Franz Colloredo-Mansfeld said in a
statement.
David Levine, senior managing director in Blackstone Real
Estate, pointed to e-commerce's tailwinds in the logistics
sector.
"These high-quality, stabilized assets are perfectly suited for
our Core+ vehicles given their strong locations, stable cash flows
and long-term growth potential," he said in a statement.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
November 30, 2021 12:10 ET (17:10 GMT)
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