Iron Mountain Sells Facilities to Blackstone Real Estate Income Trust
December 03 2020 - 8:38AM
Dow Jones News
By Michael Dabaie
Iron Mountain said Thursday it sold a portfolio of 13 industrial
facilities to Blackstone Real Estate Income Trust Inc. for $358
million.
The deal, totaling 2.1 million square feet, is a sale-leaseback
transaction with the properties located mostly in California,
northern New Jersey and the Lehigh Valley, the storage and
information management services company said.
Iron Mountain will remain in these facilities under an initial
ten-year lease term, with options to renew up to an additional 20
years.
Iron Mountain said the deal is part of its ongoing capital
recycling program, and it expects to use the proceeds to reinvest
in higher growth areas of its business.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
December 03, 2020 08:23 ET (13:23 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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