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Blackstone Adds $2.8B of Industrial in Cabot Properties Deal
Two vehicles affiliated with Blackstone Real Estate have acquired $2.8 billion of institutional-quality logistics assets from Cabot Properties, Inc. in two separate transactions, the two companies said Tuesday. The sale of 102 U.S. properties totaling 15.5 million square feet and 22 European assets spanning 2.2 million square feet brings Cabot’s Value Fund V full circle.
“The sale of our Value Fund V portfolio completes our most ambitious logistics property investment program over the past 20 years,” said Franz Colloredo-Mansfeld, chairman and CEO of Boston-based Cabot.“This portfolio was created through 90 transactions, including 24 development projects throughout the U.S., U.K and Europe completed over the past five years. We are pleased to have now completed approximately $5 billion in three transactions with Blackstone Real Estate over the past four years.”
Value Fund V was launched in 2016 and was created through single and smaller transactions, including ground-up developments, with a focus on critical last-mile locations. The portfolio’s average vintage is less than 15 years and it’s leased to a diverse collection of tenants, including leading e-commerce companies.
Domestically, the markets covered by the deal include the Inland Empire, California; Eastern Pennsylvania; South Florida; and the New York metropolitan area. The European properties are located in the Midlands, North West and South East in the U.K.; Amsterdam in the Netherlands; and Düsseldorf in Germany.
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.”
BofA Securities, CBRE and Eastdil Secured served as exclusive advisors to Cabot. Goodwin Procter served as legal counsel to Cabot. Simpson Thacher & Bartlett LLP provided legal counsel to Blackstone.
- ◦Sale/Acquisition
