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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